ABSTRACT
The global financial crisis came as a profound shock to the international financial community. After a period of success for the EBRD and its countries of operations the effects were devastating as economic growth slammed into reverse. There had been serious disruption in many transition countries a decade earlier when the Russian crisis hit. But then a swift recovery followed. This time the downturn was deeper, more widespread and prolonged. 1 Whereas the Russia crisis had dented the transition process, this time it was under much more serious threat.
