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There is no such thing as a good time for a pandemic. Nevertheless, it is fair to say that much of emerging Europe is better prepared to deal with a crisis today than at any time since the fall of the Berlin Wall.
A decade of increasingly strong economic growth, falling debt-to-GDP ratios and rapid local capital markets development has left most governments in central and eastern Europe with both the fiscal space and the borrowing capacity to mount a robust response to a local and global downturn.
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