Is Hungary playing the Turkey card? It seems so, but it has a fair amount of time to do so - analysts
March 13, 2012, 6:00 am
The question Citi’s analysts are now pondering about is not new but it remains crucial: is Hungary following the same strategy with the EU/IMF as Turkey did (with the IMF) in 2009? Noting that two upcoming milestones could shift investor sentiment, they said it seems as though Hungary's strategy is to avoid a deal unless the market forces the government to the table. Nomura, on the other hand, says there is still a fair amount of time for the cabinet to 'play the Turkey card’ with the international lenders. It notes, though that the strategy where Hungary expects a betterment in the global risk and growth environment will render a backstop necessary would not work.
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