Review Finds Poland has Estimated External Bills of US$100bn
Jardine Lloyd Thompson (JLT) Group has issued World Risk Review, which highlights economic risk pressures spreading across Europe. “Poland has estimated external bills of around US$100bn at a time when the cost of servicing debt payments is increasing. And despite the recession, Moody’s have announced that they will not downgrade Poland from its A2 rating but this may change in the future,” said Doctor Elizabeth Stephens, head of credit and political risk analysis at JLT Group.
Poland is struggling to cope with the economic crisis with the zloty hitting its weakest level since the country joined the EU, falling 14% against the euro this year alone. The Warsaw stock exchange is also trading at its lowest level for five years.
Doctor Stephens continues, “Poland has been downgrade this month in terms of Country Economic Risk, following similar downgrades for Turkey and Ukraine last month demonstrating the continuing pressure on peripheral countries in Eurozone as the European Central Bank has maintained interest rates at a higher level than those in the US and UK.”