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The three Baltic nations were enthusiastic euro borrowers, but all have since joined the common currency, ending the mismatch.
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Along with other wobbly euro-zone borrowers, it was forced to make radical budget cuts.
This would put euro-denominated borrowers into huge trouble, but the policy of sharply cutting nominal wages is gradually doing this in any case.
Bond investors have become choosier about sovereign credit risk, so some euro-area borrowers have had to stump up higher coupons for their recent bond issues.
Another factor that appears to have scared potential buyers is a recent suggestion by Greece that it might issue dollar-denominated bonds -- something that some investors associate more with emerging-markets issuers than established euro-zone borrowers.
On June 4th the ECB will announce details of its plan to buy up to €60 billion ($83 billion) of the safest bank bonds to help with longer-term financing needs.Such measures should be enough to avert a drying-up of bank credit, the main source of finance for euro-area borrowers.
But when the local currencies lose value relative to the euro or franc, borrowers find themselves faced with much higher monthly payments.
BIS global liquidity indicators at end-September 2018 released today by The Bank for International Settlements showed that after slowing in the first half of 2018, Euro-denominated credit to non-bank borrowers outside the euro area rose by 9% year on year.
When Jean-Claude Trichet, president of the European Central Bank, hinted to a German newspaper last week about a possible cut in interest rates for the single-currency euro zone, banks and borrowers paid attention.
The new five-year bonds will pay a coupon of 6.2%, a 3.5 percentage-point spread over the "mid-swaps" rate, a yardstick for creditworthy borrowers of euros.
Heavy borrowers in the euro zone are still paying a high price for their financing, but the Greek rescue means the money is likely to be there.
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CEO of Professional Science Editing for Scientists @ prosciediting.com