Rising NPLs threaten stability in emerging Europe
IMF money has considerably reduced the risk of a balance of payment crisis in emerging Europe but not resolved the financing issue entirely. Private-sector financing needs remain large, dependence on foreign banks high, and non-performing loans are increasing dramatically. In the best-case scenario, this would be a strong drag on future economic growth. In the worst case, it would destabilise local markets and currencies.
IMF policy has made a significant contribution to the recent appreciation
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