Middle East’s opt-out from credit crunch to end as banks feel pinch
Banks that lend to the Middle East expressed concerns this week that, despite the region’s resilience in the wake of the US subprime mortgage crisis, conditions were changing rapidly and Middle Eastern borrowers were likely to face a much more challenging time in the loan market in months to come.
Borrowers in other emerging markets, such as eastern Europe and the CIS, have faced resistance in the syndicated loan market since September, as banks have curbed their credit appetites in response to the subprime meltdown.
The Middle Easts wealth and the support of cash-rich local banks have so far
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