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15 November 2011
Morgan Stanley predicts that western European lenders will cut balance sheets by as much as E2.5tn to meet capital requirements...and much of those funds will come from Eastern Europe... bringing a credit squeeze.
Italy’s UniCredit...the largest lender in eastern Europe...just reported a massive E10.6bn/ $14.3bn quarterly loss...and must now raise over E7bn.
Especially hard hit will be Hungary, Bulgaria, Serbia and Romania.
Currencies there have already been hit.
Hungary's forint...down 8.8%...and Czech's koruna...down 5.9%...are the world’s two worst performers in the past month. Serbia's dinar is the third-weakest, off 4.8%...while the fourth...Poland’s zloty dropped 4.5%.
Hungary may soon face a debt downgrade to 'junk' status...as it has scaled back...for the 3rd time...short term bond sales.