In contrast, the current-account deficit rose sharply, reaching between 10 and 25 per cent of GDP, particularly in the Baltics, Belarus, Bulgaria, Hungary, Republic of Moldova, Romania and Ukraine.10 By comparison, current-account deficits remained between 3 and 6 per cent in Central Europe and at 1.6 per cent in Latin America (see figure 7).“ Group IV: Albania, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, the former Yugoslav Republic of Macedonia, Poland, Republic of Moldova, Romania, the Slovak Republic, Slovenia. In the Baltics, Bulgaria, Hungary and Romania, between 50 and 85 per cent of bank loans were made in foreign currency, thus giving rise to currency mismatch, strong dependence on decisions of global players, and high external indebtedness (Aslund, 2009). Indeed, a very high proportion of the output of the foreign investments was exported to Western Europe, that is to say, the same region from which most FDI originated. This made the external accounts of EEFSU excessively dependent on the business cycle of Western Europe.