Eastern Europe fact of the day
It's a little scary:
Stephen Jen, currency chief at Morgan Stanley, said Eastern Europe has
borrowed $1.7 trillion abroad, much on short-term maturities. It must
repay – or roll over – $400bn this year, equal to a third of the
region's GDP. Good luck. The credit window has slammed shut….
borrowed $1.7 trillion abroad, much on short-term maturities. It must
repay – or roll over – $400bn this year, equal to a third of the
region's GDP. Good luck. The credit window has slammed shut….
"This is the largest run on a currency in history," said Mr Jen.