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Strategies & Market Trends : The coming US dollar crisis
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To: The Wharf who wrote (9502)7/12/2008 1:40:17 PM
From: RockyBalboa  Read Replies (1) of 71475
 
There are 2 austrian banks Erste Banks and Raiffeisen International with high exposure to CEE. The eastern European region is known for high margin, like Libor + 500 business and it is regarding credit risks under reserved to say the least.
It is often cited that default rates are underreported because the courts in eastern Europe are slow and overworked so the actual default numbers will me much higher.

Those banks are CEE "pure plays" and as such always a matter of "immediate" takeover. Alas pfft. Those are high beta trades and one hiccup in one eastern country, like Slovakia, Romania, the Balkan, Ukraijn and we are all downhill.

All the loans are the equivalent of Alt A, low doc loans. Try enforcing something in eastern Europe and if you dont shut up they save the next bullet for you.
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