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The fall of the Iron Curtain revealed previously unimagined environmental degradation in Eastern Europe and the former Soviet Union. In the newly-independent Slovak Republic, untreated waste flowed into the rivers, heavy industry clouded residential neighborhoods and illegal dumps dotted the cities and countryside-all this in a country seemingly far too poor to afford the cost of cleanup. This case describes the extent of Slovakia''s environmental problems through the lens of one idea advanced to cope with them. The proposed "Slovak Environmental Revolving Investment Fund" would create a financial vehicle such that cleanup could occur gradually through loans for capital investment. As these were repaid, they could help finance additional environmental improvements. But how to do so in a country without a well-established financial system? Where to start, when faced with so many problems? The case is designed for discussion of the practicality of the revolving fund-or any other approach which might be suggested-in the context of Slovakia''s political and cultural climate.