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Even by European standards, Romania’s banking sector had a bad crisis. The bursting of the country’s real estate bubble in 2009 caused bad debts to soar, loan books to shrink and profits to plummet. By the end of 2013, nearly a quarter of all loans were non-performing, deleveraging was accelerating as demand for new credit remained stagnant, and the country’s leading banks were struggling to break even. The intervening years, however, have seen a remarkable turnaround.
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