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Article: News Analysis: Eastern Europe may become eye of second finiancial storm
- Article from:
- Xinhua News Agency
- Article date:
- February 25, 2009
CopyrightCopyright 2009 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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News Analysis: Eastern Europe may become eye of second finiancial
storm
BEIJING, Feb. 25 (Xinhua) -- The financial and economic situation
is worsening in Eastern Europe, where bank risks, withdrawal of
foreign capital, plummeting exports and devaluation of currencies,
seemingly threaten a new financial storm.
In hindsight, the woes have been long-rooted because of Eastern
Europe's high dependence on foreign capital, exports and heavy
foreign debts.
In the first few years after the EU's expansion, Eastern Europe
moved onto the express road of economic development. With robust
economic growth, the thriving new economies attracted swarms of
investors from Western European banks, thus ...