Western banks reduced their credit exposure by the equivalent of 14 per cent of Hungary’s GDP in the year to June, according to a report released at a Vienna Initiative meeting in Brussels last Friday. Hungary saw the largest fall in the Central and South Eastern European region, with neighbouring Slovenia the only other country in which foreign banks cut funding by over 10 per cent, the CESEE Deleveraging Monitor report reveals.
Banks cut their exposure in Bulgaria, Croatia, Lithuania and Serbia by between five and 10 per cent, the report said. Overall the figure for the region – excluding Turkey and Russia – was around four per cent.
For the full story, please visit The Budapest Times
(Photo: Andras Deak/sxc.hu)