World Bank Help for CEE Risks Comes to Vienna

While media attention circles around a possible Greek default, behind-the-scene action is designed to help cushion the foreseeable fallout from Central Eastern European (CEE) loans, burdening the balance sheets of primarily Austrian and German banks. According to a press release by US financial group CRG Capital the company has established a fund that wants to raise €200 million in order to buy up distressed CEE debt.
From the release:

IFC, a member of the World Bank Group; the European Bank for Reconstruction and Development (EBRD); and CRG Capital, a leading restructuring fund manager have launched the first fund dedicated to investing in distressed assets in Central and Eastern Europe.

IFC is the International Finance Corporation, an affiliate of the World Bank Group.
A press release of the EBRD, dated January 11 too, reveals some figures:

The CEE Special Situations Fund will invest in underperforming companies to support recovery in the region. It is being established by CRG Capital. The fund aims to raise €200 million, with EBRD, IFC, and CRG Capital initially committing a total of €36 million. It will focus on the acquisition, turnaround, and resolution of corporate distressed assets in Central and Eastern Europe.

Both releases ended with the usual well-wishings of top brass of all parties involved.
Austrian daily "Der Standard" reported more details in its online edition. According to the German language report CRG Capital is based in Delaware and relies on a team of 90 lawyers reviewing deals. CRG wants to focus on Poland, Romania, Ukraine, the Baltics and Hungary.
Presuming the credit-worthiness of at least 2 of the 3 parties involved it should not be a problem to raise the targeted €200 million. If this will be enough to turn around the dire situation in CEE remains to be proven.