On the background of continuous global economic instability and debt problems in the Eurozone, the significance of post-communist external debt goes without saying. The article will explore the scope and dynamics of external indebtedness in the post-communist world in a comparative and historical framework. Particular attention will be paid to a likelihood of a debt crisis in the region similar to the one in the developing world in the early 1980s. The debt crisis will be an ultimate price for reform mistakes and may have serious political economy implications by hampering or even reversing the process of the post-communist transformation.

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