Market Updates
Forint Declines in Hungary on Comments
Arthi Gupta
04 Jun, 2010
New York City
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Hungarian officials said the country''s budget was in ""much worse"" condition than the previous government had stated, raising new fears about sovereign debt burdens in Europe.
[R]3:00 PM Frankfurt - Hungarian officials said the country''s budget was in ""much worse"" condition than the previous government had stated, raising new fears about sovereign debt burdens in Europe.[/R]
Hungarian officials said the country''s budget was in ""much worse"" condition than the previous government had stated, raising new fears about sovereign debt burdens in Europe.
Hungary''s fiscal situation is grave because the previous government “manipulated” figures and “lied” about the state of the economy, said Peter Szijjarto, spokesman for Prime Minister Viktor Orban. Earlier, in October 2008, Hungary secured a €20 billion or $24 billion loan from the IMF, the European Union and the World Bank to avoid recession.
The forint declined 2.1% to 287.5775 per euro.
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