29/07/2012
International Monetary Fund (IMF) said that the volume of exposure of banks in the countries of the Gulf to the euro crisis does not exceed 5 per cent, while the rate in European countries to the euro crisis is about 45 per cent followed by the emerging European countries by 35 per cent , and all of the United States and Latin America by about 10 per cent. The figure for the countries of the Middle East and North Africa is about 5 per cent only.
The' IMF' through its study finally announced, it is likely that the effects are indirect financial crisis resulting from the euro area are very limited in the Middle East, on the one hand. On the other hand, the banking systems in the region generally do not rely too much on borrowing from European banks, but will depend on local sources to obtain funding.
But IMF confirmed that the debt crisis in Europe has affected many parts of the world, and the Middle East and North Africa are an exception in this regard, perhaps the least. The weakness of economic activity in the euro area - and the world as a whole - comes in a period full of challenges for the Middle East and North Africa.
