A chill wind for central and eastern Europe


The credit crisis affected the central and eastern European (CEE) region more severely than any other part of the world. The extent of the problems stem from companies and households that funded rapid rates of spending with borrowed money, sidestepping high domestic interest rates by taking out loans in euros or Swiss francs. Banks from western Europe fell over themselves to build market share in what was seen as a dynamic new region, reassuring themselves that there would be little downside as

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