EBRD warns of loan defaults in Eastern Europe.
Global Banking News - 08 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The European Bank of Reconstruction and Development (EBRD) has warned about increasing loan defaults in Eastern Europe.
The bank said that there is a possibility of rising defaults in the 30 eastern European countries where it invests. The bank said that the Eastern European economy would shrink by five percent this year instead of the 0.1 percent that it had predicted in January.
The bank said, 'The peak in non-performing loans, which have been on the rise in the last few months, is still ahead of us, as is the peak in employment.'
The EBRD is owned by 61 governments and is partly funded by the European Union.
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