Sunday, December 11, 2011

(54) 2 - The Economy of Poland II: A Look from Outside

I put in a title with no content for the sake of conserving the sequence.  I wanted the two blogs on the Polish economy, Blogs 53 & 54.   Then for December 12, the Feast of Out Lady of Gaudalupe, I can post an article on her.  I had the joy of living very near the beautiful shrine for a month in preparation for my 14 year mission in Peru.  I will then give finishing this article, an update on the Polish economy top priority.

       All I can say on the Polish economy for now is that it is the only economy in Europe that has had positive growth (about (1.7%) during the current recession which started in 2008.  It's world wide.   The reason is that the Polish banks were "backward" or "behind" in catching the train to disaster with all of those risky loans which the "more advanced" "progressive" banks were doing.  Fortunately, the Polish banks continued to be conservative in their lending practices and kept out of trouble.  Poland did not fall into the excess debt trap.  Nor are they affected significantly by the crisis with the Euro because Poland never converted.  They dragged their feet on it because they were still supposed to fill certain conditions.  I'll do some more detailed research on this as soon as I can........hopefully within the next few days or week.

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