The news that Poland has decided to take up the IMF’s offer to provide more than $20 billion to tide the country over the economic crisis tells us two things.
First, that many emerging economies, particularly in eastern Europe, are in deep trouble. Their economies are contracting at 5% to 10% this year, their trade accounts are in deficit and their banks and corporations are finding it difficult to meet repayments on the foreign-currency loans they have built up over the boom years since 2001.
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