Emerging Europe's external financing risks still high

The view that Emerging Europe is not as vulnerable to an external financing crisis as in 2008/09 appears misplaced. Although current account deficits have, in most cases, narrowed sharply, total external financing requirements (including external debt obligations) are high. If the euro-zone debt crisis takes a turn for the worse and develops into a banking crisis, growth in Emerging Europe will be hit severely.

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