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Foreign Banks Take Out €6 Billion From Croatia in Last 5 Years

eurosSince the start of the global economic crisis in 2008, foreign banks have withdrawn a massive 46 billion kuna (6 billion euro) from their subsidiaries operating in Croatia…

More than 169 billion dollars in total has been withdrawn by banks from their subsidiaries operating in central and southeast Europe and with nearly all banks in Croatia in foreign ownership, the statistic leaves Croatia among the five worst nations with the greatest losses in central and southeast Europe, according to an IMF report.

Hungary were the worst nation, with 37% of the nation’s GDP withdrawn by foreign banks, followed by Lativa (36%), Slovenia (32%), Lithuania (22%) and Croatia (14%). Most foreign banks have been taking their capital out of the country since the crisis and invested it in places they can expect better growth, such as Russia and Turkey.

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