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Poland


ERIC FINE: Poland has been boring.  Is it going to get a little more exciting?


NATALIA GURUSHINA: I think Poland is uniquely positioned to benefit from Germany's rebound. It probably has had the largest positive impact from strong German growth so I love Poland from this point of view. I would also like to say that inflation risks are more balanced in Poland and I think inflation will stay within our acceptable bounds for the foreseeable future. I don't see any particular risks either for rates or the currency. My key concern about Poland is potential exposure to change in sentiment from political risks in Ukraine. Eric, you’ve been looking at Ukraine for many years and you would say that the risks are definitely on the increase.


ERIC FINE: Poland’s foreign ownership increased as a result of the government change in the definition of their debt so it is more vulnerable to foreigners leaving. It's a proxy for emerging markets in the region because it's the most liquid market. People often trade PLN, the Polish Zloty, as a proxy for EM.


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