Erste: Joint CEE5 Government Debt Smaller Than Greece

The five countries have together a population of 52 million, while Greece has a population of only 11 million, the Austrian lender noted.

"The Central and Eastern European countries have much lower levels of government debt than the European Union or eurozone average. Except for Hungary, all CEE countries have managed to keep their overall indebtedness below 60% of the gross domestic product," the report noted.

According to Erste analysts, the markets in CEE region offer good business opportunities, but they are underrated.

"The investment climate among financial market participants has improved recently, but trading volumes have continued to be subdued," Erste said.

It added GDP growth indicates economic recovery in the CEE region is fully underway, even though Hungary and Romania still lag behind.

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