At this point, the EU and the IMF intervened and orchestrated a massive bailout of the Central and Eastern European financial systems—in other words, of the Western banks' wholly owned foreign subsidiaries—just at the point when current accounts in these states were exploding. In Vienna in 2009, and long before any Greek or Irish bailout, an agreement was signed between the Western banks, the troika (EU-IMF-EC), and Romania, Hungary, and Latvia that committed Western European banks to keeping their funds in their Eastern European banks if these governments committed to austerity to stabilize local banks' balance sheets. … It's an earlier form of what is going on in the Eurozone with the periphery states' sovereign debt and the core banks' exposures.

Mark Blyth, Austerity, loc. 601