The expansion of the global financial crisis in the developed economies has led to a major redirection of capital flows towards the emerging markets. The ebullience seen on several Eastern European, Asian and Latin American stock exchanges has been attributed to the reforms and the liberalization of the domestic markets.

Sure there have been reforms and liberalization, but the nature of the growth of the last few years has been deeply flawed by the reliance on the foreign speculative investments.

Through their quantitative easing policies, the central banks of these countries have walked down the path of competitive depreciation of currencies against the major international currencies, forgetting about the importance of the accumulation of domestic capital.

Still a long way from the much preached convergence with the developed economies, emnerging countries have begun to feel their bright futures dissolving away. It would seem that the first step was made on their respective stock markets.

At the end of 2013, Warsaw Business Journal wrote that "an increasing number of brokerage firms are leaving the Polish market", as the new list includes Credit Suisse Securities, KBC Securities and Amerbrokers.

The reason is the significant reduction of the profit margins, which happened before the Polish authorities switched to the "reformation", through partial nationalization of the private pension funds.

At about the same time, Bloomberg wrote about the beginning of the exodus on the Prague Stock Exchange. "The only bank listed in the Czech Republic advises its customers to buy stock in the United States, France and Germany, amid the decline in transactions on the Prague Stock Exchange, whose main index saw the largest drop in Europe, after Cyprus", the article by Bloomberg writes.

It may not be a coincidence that Komercni Banka AS, o