With the euro zone mired in a debt crisis that seems to drag on towards an unpredictable end, the fragile economies of Central and Eastern Europe don't look too good now.

The region, dubbed "a turbo-charged Western Europe" by an analyst, is utterly dependent on the health of the richer European Union members, which take in most of its exports. This is why, analysts said, when things will turn for the better, investors stand to gain from a faster recovery than in Western Europe.

But for the moment, things are bleak. Uncertainties over Hungary, whose policies have sparked the wrath of the European Union, have contributed to investors' jitters about the region, while in neighboring Romania a few thousand people took to the streets repeatedly, protesting against the government, and on occasions turned violent.

However, the story driving the CEE region is still convergence with the European Union and political problems are not as big as some media say they are, according to Henning Esskuchen, head of CEE Equity Markets at Austrian Erste Bank, which has a big presence in the region.

"The only political market right now is Hungary, where political problems have created substantial economic problems," Esskuchen told CNBC.com in an interview.

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