  The target-space interpretation of the exact (in $\alpha'$) reflection
coefficient for scattering from Euclidean black-hole horizons in classical
string theory is studied. For concreteness, we focus on the solvable $SL(2,
\mathbb{R})_k/U(1)$ black hole. It is shown that it exhibits a fascinating
UV/IR mixing, dramatically modifying the late-time behavior of general
relativity. We speculate that this might play an important role in the
black-hole information puzzle, as well as in clarifying features related with
the non-locality of Little String Theory.
