East-West Financial Relations

In this book, Iliana Zloch-Christy analyses the problems of Eastern Europe's convertible currency external debt situation and its impact on the financing of East-West trade in the late 1980s and early 1990s. This book, published in 1991, is a continuation of Dr Zloch Christy's Debt Problems of Eastern Europe (1987) and is the first study of the complexities of East-West trade and finance in this period. The author addresses four main issues. First, she examines market-oriented reforms in Eastern Europe's economic system and the changes that took place in East-West political relations. Dr Zloch-Christy then assesses whether convertible currency debt problems are an inherent part of the economic development of Eastern Europe, and if the problems are region-wide, and she discusses the strategies adopted to deal with them. She continues by exploring the extent to which the problems which arose from indebtedness affected the financing of East-West trade. Finally, the author assesses medium- and long-term debt prospects at this time, both for Eastern Europe as a whole and for each country within the CMEA.