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Riga is one of several eastern capitals that has sought bail-out money (Photo: thesetides.com)

EU development bank seeks extra money to help eastern Europe

The European Bank for Reconstruction and Development is seeking an extra €10 billion from its member governments in order to increase lending to central and eastern Europe.

The bank - founded in 1990 to assist the formerly Communist countries move towards a market economy - is seeking the 50 percent funding increase to compensate for the sharp decline in private capital flowing to the region.

In a letter to shareholder governments, EBRD president Thomas Mirow says the region's ec...

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Riga is one of several eastern capitals that has sought bail-out money (Photo: thesetides.com)

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