E. Europe's migrants and farmilies left behind hit by troubles in richer Western Europe

CHISINAU, Moldova (AP) — Many of Europe's poorest migrant workers are sending less money home — another blow delivered to the continent's east by global economic and financial turmoil.

Probably worst off is Moldova, Europe's poorest country according to the World Bank. There, money sent by people who left to find work made up an astonishing 30 percent of the economy of $6.6 billion (€5.41 billion) just two years ago but fell last year to 22 percent.

The Chicus are a case in point. Like many Moldovans, they realized that they could hardly afford to raise a family from local salaries. Read more

Remittances to Eastern Europe to slow dramatically

The remittance income from Mexican and Central American immigrants working in the United States back to their home nations is not the only huge remittance flow in the world. One of significant import is in Europe, where millions of indivuals from the former Eastern Bloc now work in Western Europe. However, as in the U.S. - Mexican connection, these remittances will be nosediving.

Below is an analysis from Morgan Stanley (with my bolding):

The Central European economies (Czech Republic, Hungary, Poland, Romania) are heavily influenced by developments in their richer western neighbors. Developed Europe accounts for around 70% of all CE exports; its banks dominate lending, with a market share of around 80% on average; and FDI inflows from western European companies have proved to be a significant engine of growth over recent years. Read more