Eastern Europe is a specimen. Walking in different paths with China, its economic growth, social development has always been to provide an important knowledge about reform, about the transition. Eastern Europe in the global financial crisis before and after the performance of the material proved to be the standard of living of the understanding and pursuit of anxiety, on the geopolitical alliance's economic dependence on borrowing to share through the bull market in asset prices, a shortcut to thinking, reducing the risk of prices, contributed to the bubble. Today, they not only pay the economic cost, but also to pay a political price.
Last weekend, the Latvian Prime Minister and his Cabinet resign. This is the second in Europe after Iceland and Belgium, the third step down due to economic crisis government. Latvia is located in the Baltic Sea, the economy in a few years after the strong growth came to a standstill. Data show that the Latvian economy will shrink 10 percent this year. Trapped in the country after the economic difficulties triggered a series of social problems and as long as several weeks of political turmoil, which eventually led to the collapse of the Government.
Looking at the entire Central and Eastern Europe, investors are hasty retreat. With the capital outflow, the local currencies plummeted, production, employment serious landslide. Following this on the weak after the Latvia, Poland and the Czech Republic has always been the strong performance of the economies of monetary and real economy has plummeted. Poland's industrial output in January the annual decline has reached 15%. Last week, the Polish Zloty against the Swiss franc fell to a historic low. Expected to be the middle of the year, Poland's unemployment rate in September of last year from 9% to more than 12%. To the end of this year, Poland's corporate insolvency rate will grow by at least 20%. Eastern Europe's developing economies are facing the collapse of the Berlin Wall, the most serious economic disaster.
At this moment, I am afraid that the people of Eastern European countries to mixed memories to replace the landscape of luxury and a dream holiday flats. After 1989, Eastern Europe out of the economy will shrink gradually. 90's at the end of the last century, and Western Europe in the export-led financial firms, driven by foreign investment, most countries achieve the recovery and stability of strong economic growth. To 2003, increasingly lax lending environment, a new low-cost loans to finance a large influx of Eastern European retail, real estate. Profit from the spread of these loans depends on the premise of a stable exchange rate, the premise is no longer the first place, the result would be reversed.
"Wall Street Journal" reported on the experience of a Polish economist. A few years ago Polish Zloty against the Swiss franc exchange rate stability, he will be replaced currency mortgages with lower interest rates in Swiss francs, the principal remains unchanged, for months be reduced. Since last summer, the continued weakening zloty. At present, the economics of the people has been on for the last time in July increased by 50%. Similarly, many Polish companies last year, bet on the call option zloty suffered Economic Information Daily. It is estimated that these losses can be only Poland's GDP (gross domestic product) to erase the 1.5%.
Borrowing are the same day prosperity, but also planted the seeds of today because of recession. In recent years, most of Eastern Europe, individuals and corporations want to borrow through mass consumption, investment, rapidly catch up with the developed Western way of life. As a member of the EU, its citizens have been implicit guarantees to borrow at low prices in foreign currency, low interest rates even more than the local currency lending. And Western European bankers would like to see their products have been so welcome. Thus, the two sides agreed benefits to the supply and demand driven, a result of "borrowing" to the prosperity of (the actual are "greedy" to the bubble) led local economic growth, as well as other areas of society seemingly paved a solid development foundation.
However, once the value of the return, once the loan's liquidity ice node, once the external environment lead to changes in local currency and domestic economic turbulence, "杨白劳" helpless. This year, the Eastern European borrowers are required to repay the bank in Western Europe about 400 billion U.S. dollars of foreign debt, most of which are in foreign currency. External debt of this magnitude means that the Eastern European countries to the efforts of these years to establish a market economy and its pursuit of the people developed western way of life had to interrupt the process, the former Tang Gong or donate.
Eastern Europe, although far from near
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