“I hate to say it,” says Erik Berglof, chief economist at the European Bank for Reconstruction and Development (EBRD), “but it is, of course, what we have been expecting. What is necessary now is to put in place what needs to be done.”
A report on Tuesday from Moody's, the ratings agency, warning of deteriorating conditions in eastern Europe triggered turmoil in the region's markets, which spread to western Europe and even spooked New York.
The focus is on international banks, which in recent years have fuelled east Europe's rapid economic growth. With banks now in crisis, credit is scarce, putting east European states under pressure and driving the more vulnerable to the verge of collapse.
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