Economists agree short-term financing needs are thelinchpin of economic stability in Eastern Europe, but pinningdown accurate figures has at times frustrated banks andinternational institutions alike. Bankers and policymakers have tried to quash alarmingreports that sparked a selloff across emerging Europe at thestart of the year by saying the region was in hock to Westernbanks by up to 1.7 trillion euros. The European Bank for Reconstruction and Development saidthe figure was "nonsensical," pointing out that it was just thesize of the overall balance sheet of the region's foreign ownedbanks, not exposure to debt. A better figure, it said, was the 130 billion euros owed bysovereigns and banks in the region -- excluding Russia andKazakhstan -- through this year. Following are figures of debt due to be paid to BISreporting banks by the end of the third quarter, includinginternational debt securities. Also included are central bankforeign currency reserves at the end of March for countries incentral and Eastern Europe. The figures, taken from the Joint External Debt Hubwebsite, do not exactly match those issued in the InternationalMonetary Fund's Global Financial Stability report issued inApril, as they only include sums owed to BIS reporting banks.
But analysts say they are a good approximation of theexternal positions of the emerging countries. SHORT TERMCBANK FOREX RATIO DEBT* RESERVES DEBT/RESERVES($bln)($bln)(pct) 1 Bulgaria 11.780 16.08 73.3 2 Croatia18.080 11.88 152.18 3 Czech Republic 19.88636.854 54.0 4 Estonia 6.4993.55183.1 5 Hungary32.974 37.74 *** 87.4 6 Latvia 10.9904.52243.1 7 Lithuania 6.0694.99121.6 8 Poland 35.202 61.79 57.0 9 Romania38.827 32.96117.810 Russia101.395 380.6 26.611 Serbia7.24610.7 67.712. Ukraine20.05225.4 78.9* Latest available data (Q3, 2008) data taken from JointExternal Debt Hub database jointly developed by the Bank forInternational Settlements, the International Monetary Fund, theOrganisation for Economic Cooperation and Development, and theWorld Bank. They include short-term international debtsecurities, and short term liabilities to BIS banks.** Reserves data taken from national banks' latest figures.*** Reserves increased from $22.69 in October, 2008, aftergovernment converted IMF-led bailout package through thecentral bank, boosting reserves.(Reporting by Michael Winfrey; Editing by Diane Craft) Bonds Bonds. NEW YORK--(Business Wire)--Morgan Stanley China A Share Fund, Inc. (the "Fund") (NYSE: CAF), a closed-endmanagement investment company, announced the proposed record date for ananticipated rights offering of its shares of common stock (the "Offering").Subject to the registration statement for the Offering becoming effective underthe Securities Act of 1933, as amended, the Fund will issue to stockholders ofrecord as of May 18, 2009 (the "Record Date") one non-transferable right foreach whole share of common stock held.
Five rights will entitle the holder topurchase one share of common stock at the subscription price. The Offering will only be made by means of a prospectus to be distributed toRecord Date stockholders on or about May 28, 2009. The subscription price hasnot yet been determined by the Fund. The subscription price, which will bedetermined on the expiration date of the Offering (the "Expiration Date"), willequal 95 percent of the average of the last reported sales price per share ofthe Fund`s common stock on the New York Stock Exchange on the Expiration Date ofthe Offering and the four preceding trading days, with a requirement that theprice be no lower than the net asset value per share of common stock of the Fundat the Expiration Date. Stockholders who fully exercise all rights issued to them will be entitled tosubscribe for additional shares at the subscription price pursuant to anoversubscription privilege. If all available shares are then subscribed for, theFund may issue additional shares in an amount up to 25 percent of the sharesavailable pursuant to the Offering.