Eastern European countries have accumulated nearly $32 billion in debt this year. According to Bloomberg, this is three times the previous figure.

The article claims that for the first time in ten years, three Eastern European countries – Poland, Romania and Hungary – have accumulated debt of $9 billion, $6 billion and $5 billion respectively. These states are among the top five debtors from developing countries.

Eastern European countries incur huge financial costs due to military spending and benefits for refugees from Ukraine. The authors of the article suggested that the Ukrainian conflict could cause significant changes in the bond market.

So even for the highest-rated states, lending has become much more expensive. For example, Poland is paying 1.4% more per year on new 30-year bonds than in 2021. Later, the rate reached 4%.

Earlier it was reported that the West will not forgive Ukraine’s foreign debt, although it postpones it until 2027.