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Brown warns of eastern European risks

Eastern European nations are currently under threat from the credit crunch, Gordon Brown has said.In a meeting in France with president Nicolas Sarkozy, the prime minister expressed concern that the rapidly-growing economies would be hit hard by the crisis.This is due in part to the "flight to safety" which is currently taking place among nervous investors - who are taking their money out of offshore investments and putting it into cash, government bonds and "safe" commodities such as gold.The talks are taking place to coordinate the UK and France's policy position, ahead of a meeting of world leaders in Washington DC to discuss the global crisis next month.Mr Brown commented: "Our first priority at the moment is to stop the contagion to other countries, including in eastern Europe where there are problems emerging and action has to be taken."Hungary and the Ukraine are two former Soviet bloc nations who have applied to the International Monetary Fund for financial assistance recently.

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