8  CEECs: Gross External Debt (year-end stocks, as a percentage of GDP )  160 2002  2008  2012  Czech Republic  Estonia  140 120 100 80 60 40 20 0 Bulgaria  Hungary  Latvia  Lithuania  Poland  Source: Our calculations based on IMF WEO and Wold Bank database. 10  BIS central bankers’ speeches  Fig.
9  CEECs: changes in selected variables before and after the last global crisis (2009-12 versus 2003-08 periods; as a percentage of GDP) Current Account (1)  20  GDP (2)  Capital Inflows - right scale (3)  Domestic credit - right scale (2)  66  15  50  10  33  5  16  0  0  -5  -17  -10  -33  -15  Bulgaria  Czech Republic  Estonia  Hungary  Latvia  Lithuania  Poland  Romania  Slovak Republic  Slovenia  Source: Our calculations based on IMF WEO and International Financial statistics database.