| Abstract: | East-Central Europe is undergoing a rapid political and economic transformation. The unprecedented depth and speed of the economic reforms have produced serious questions about the stability of the region, and its future relations with western Europe and the world economy. This paper surveys and evaluates the size and character of existing debt stocks owed to the West by Hungary, Poland, and Czechoslovakia. The future political and economic stability of East-Central Europe and the European Community depends, to a large extent, on the ability of the Western financial system to respond to the long-term needs of the region. |
