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When we say Europe, the countries of Germany France and Britain immediately come to mind. When we say emerging markets we often think of India and China. Yet in the heart of Europe we have a group of European emerging markets. Included here are the countries of Hungary, the Czech Republic and Poland.
Like the rest of Europe, these countries are suffering from the worldwide economic downturn. However the extent of the damage to their economies has been much worse than the rest of Europe. Much of the growth in these economies has come from foreign investment, thereby creating large foreign exchange debts.
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