TOP REGIONAL BANKERS BELIEVE FINANCIAL CRISIS WOULD EFECT SOUTHEASTERN EUROPE SLIGHTLY

SOFIA, Bulgaria (October 3,2008) - The heads of the central banks of eight southeastern European states agreed today that the region would be affected slightly by the global financial crisis.

The central bank directors from Bosnia,Albania, Bulgaria, Cyprus, Greece, Macedonia, Montenegro, Romania, and Serbia held their regular meeting in the Bulgarian capital Sofia today.

The Director of the Bulgarian National Bank Ivan Iskrov explained there were no banks in the southeastern Europe, which owned securities of the type that caused problems in the United States.

He did point out, however, that the crisis was going to an indirect impact on the region by raising the credit interest rates by an average of 1,5%.

Another potential indirect effect could ensue in case the global crisis leads to a recession some of the western European states, which are primary export partners of the southeastern European states, because this would reduce their exports, and would stifle the economic growth.

The next meeting should take place in Romania in September, 2009.
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