Tuesday, May 12, 2009
updating eastern europe
at the outset of april ft alphaville had written
While this is still obviously a concern (and regional currency euro cross-rates are creeping back to the lows of February which previously set off the EE panic) the escalation of the crisis into the real economy and trade decline is now the key vulnerability.
we've since seen a number of baltic and eastern european states record GDP collapses in excess of (-10%) while global trade is destroyed at rates more impressive than seen at the outset of the great depression.