It has not been an easy time for the developed markets in the past couple of years, and especially not in the last couple of weeks following the fallout from WorldCom. But while the mainstream markets have been suffering, emerging and eastern Europe have surged ahead, with Russia in the vanguard. The S&P/IFCI East Europe index has risen by over 55% in dollar terms over the year to May, according to the latest figures from Standard&Poor’s.
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