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June 7, 2010    

Hungary seeks to reverse ‘unfortunate comments’

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by Kay Murchie

Global stock markets fell earlier today over fears that Hungary could suffer a Greek-style debt crisis.

The Hungarian currency, the forint, plunged 6% against the euro after Government officials compared the country’s financial position with Greece at the end of last week.

However, in a move to seek investors, Hungary’s new Government has said there is no danger of default.

Prime ministerial spokesman, Mihaly Varga, said: “The comments that have been made about this issue are exaggerated” and he described them as “unfortunate”.

The comments come after the Hungarian Government is in discussions with the International Monetary Fund (IMF) and the EU over the extension of a €20 billion bailout package that it received in October 2008 - at the height of the financial crisis.

However, Kristin Lindow, a senior vice president at Moody’s Investors Service, said last week: “Hungary isn’t the next Greece….and has a good track record of doing what it needs to do when in trouble.”

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Tags: , Greek-style, Hungary, , , seek