Bulgaria has lower political risk than Romania. It has not had to turn to the IMF. But Greek banks’ market share in Bulgaria is 26%, twice as high as in Romania.
Greek banks’ consolidated claims amount to 36.7% of GDP in Bulgaria, according to London brokerage Exotix. They were also the most aggressive leading up to the crisis. Their average loan-to-deposit ratio is 200%.
After a 5% GDP contraction in 2009 and another slight fall in 2010, non-performing loans in Bulgaria are around 10%.
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