Two data sets are used to study how country and firm that financial constraints during the crisis were less severe characteristics affected firms’ financial constraints and in countries with well-established foreign banks (entered their likelihood of survival during the early phase of prior to year 2000), and that changes in the severity of the recent global financial crisis in Eastern Europe and financial constraints were more pronounced for large Central Asia, a region that was especially hard hit. The firms than others during the crisis (although large firms first data source provides information on the reported continued to have less severe constraints on average). severity of financial constraints for 360 firms from 23 The second data source provides information on whether countries in 2002, 2005, and 2008. By following the firms remained in operation in 2009 in six countries in same firms over time, the study summarizes both the Eastern Europe and Central Asia. Controlling for other gradual easing of financial constraints from 2002 to 2005 relevant characteristics, firms were more likely to survive and their tightening during the crisis. Key findings are the crisis if they had access to external credit.