Illiquidity in the economy will increase substantially, partly also due to much faster submission of promissory notes for early payment by creditors. As there is no chapter 11 type of creditors’ protection scheme, the  BIS Review 51/2009  1  number of bankruptcies will increase as well. Interest rates will remain high despite the fact that central banks will lower reference rates.
Last but not least, current account deficit will moderate substantially, although that would additionally lower budget revenues! Respective authorities in the CEE countries can only alleviate but not turn around this downward spiral. We need first the world economy the bottom out, particularly the EU, in order for the CEE countries to see the light at the end of the tunnel.