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Sunday, June 06, 2010

Hungary, Despite Comparisons, Is No GreeceHungary, Despite Comparisons, Is No Greece - by Landow Thomas

Its budget deficit is about one-half that of Greece. It lies outside the euro zone and so could, if pressed, lift exports by devaluing its currency, the forint. Most crucial, it is in the midst of an economic overhaul with the International Monetary Fund and can call upon an additional $2 billion if needed.

But that did not prevent the politically charged comments made last week by senior Hungarian officials from sending world markets into a tailspin on Friday.

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