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 Post subject: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 1:10 pm 
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Quote:
Hungary’s is in a “grave situation” because the previous government “manipulated” figures and “lied” about the state of the economy.

more here.

Quote:
Hungary said talk of a default is “not an exaggeration,”

here.
uh-oh...


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 Post subject: Re: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 1:51 pm 
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IMF visit , ruler party comments

more importantly Ireland are in the top 10 , highest Sovereign
default probabilities.

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What condition was the property in for each of the properties you are saying the bottom is in for!


Last edited by FAUGH45568 on Fri Jun 04, 2010 2:11 pm, edited 1 time in total.

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 Post subject: Re: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 2:01 pm 
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We'll have euro dollar parity by years end at this rate. No more foreign holidays!

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No longer renting.


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 Post subject: Re: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 2:02 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
Longtermrenter wrote:
We'll have euro dollar parity by years end at this rate. No more foreign holidays!


Travelling within the Eurozone isn't foreign? Last I checked they use the Forint in Budapest and it's mighty nice there.

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People change. Hairstyles change. Interest rates fluctuate.


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 Post subject: Re: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 2:04 pm 
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The Unwelcome Guest wrote:
Longtermrenter wrote:
We'll have euro dollar parity by years end at this rate. No more foreign holidays!


Travelling within the Eurozone isn't foreign? Last I checked they use the Forint in Budapest and it's mighty nice there.


It isn't if your other half is Chinese!

Six months ago i got 10.3 RMB to the Euro into my hand, now I'd be lucky to get 8.

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 Post subject: Re: Hungary goes Greek...
PostPosted: Fri Jun 04, 2010 6:59 pm 
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Longtermrenter wrote:
We'll have euro dollar parity by years end at this rate. No more foreign holidays!


And with that you'll have your additional fall in house values.

Looks like no more nominal falls; the bottom is in.


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 Post subject: Re: Hungary goes Greek...
PostPosted: Sat Jun 05, 2010 4:47 pm 
Oops the colleagues did it again.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ9jvhdaqy3A&pos=2

Quote:
Hungary’s economic situation is stable and recent comments about a possible default were “unfortunate,” the government said, pledging to stick to the budget deficit goal approved by the country’s creditors.

“Any comparison with countries that have much higher credit default swap ratings than Hungary is unfortunate,” State Secretary Mihaly Varga told reporters today in Budapest. “The comments that have been made about this issue are exaggerated and if they come from colleagues that’s unfortunate.”


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 Post subject: Re: Hungary goes Greek...
PostPosted: Sat Jun 05, 2010 5:02 pm 
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Anyone else get a sense of deja vu????!


:?

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 Post subject: Re: Hungary goes Greek...
PostPosted: Sat Jun 05, 2010 5:04 pm 
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Location: Still Awaiting The Pearly Gates
Deja Vue is Greek.


from Greek παρα "para," "near, against, contrary to" + μνήμη "mnēmē," "memory")


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 Post subject: Re: Hungary goes Greek...
PostPosted: Mon Jul 19, 2010 8:40 am 
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Quote:
IMF Pulls Out of Hungary Loan Talks

http://online.wsj.com/article/SB1000142 ... TopStories

By GORDON FAIRCLOUGH
Negotiators for the International Monetary Fund and European Union walked away from talks with Hungary over the weekend, saying Budapest needs to do more to shrink its budget deficit before it can get any more bailout money.

The move is likely to alarm markets already suspicious of the new populist government's pledges to cut spending.

After nearly two weeks of meetings with senior Hungarian officials, the IMF and EU teams on Saturday called an abrupt halt to the discussions. They said Hungary couldn't have access—for now, at least—to the remaining funds in a 20 billion euro ($25.9 billion) loan package secured in late 2008 to rescue the country from a financial meltdown.

The rebuke to Hungary represents a warning to governments across Europe that the IMF and EU won't tolerate backsliding by borrowers on budget-cutting. The decision, which effectively withdraws the international safety net under Hungary's tentative recovery, also risks unsettling currency and debt markets.

"It's surprising that the IMF is willing to play such hard ball," said Timothy Ash, London-based head of emerging-market securities at Royal Bank of Scotland. "It's a potentially dangerous strategy. The global recovery is looking fragile and the European economy in general is having difficulties."

He said he expected investor reactions to "get pretty ugly."

>>>


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 Post subject: Re: Hungary goes Greek...
PostPosted: Mon Jul 19, 2010 11:20 am 
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From the same article...

Image

I spit on your puny deficit...

OK, they've been operating a deficit for a long time, but the current deficit isn't bad when compared to Ireland. IIRC Austrian bank's have a good deal of euro loans in Hungary. I think some were offering a euro mortgage in hungary (lower interest rates) and suspect the currency risk risk was unhedged.


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 Post subject: Re: Hungary goes Greek...
PostPosted: Mon Jul 19, 2010 7:12 pm 
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This article is not giving the real story. Hungary actually agreed to keep deficit as previously agreed with IMF/EU. Issue was that goverment wanted to tax banks and IMF/EU to take some austerity measures.
http://www.reuters.com/article/idUSLDE66I0BE20100719

There is also issue of ceiling in salaries of public servants, which would affect chief of central bank - this is also not acceptable for IMF/EU
http://www.businessweek.com/news/2010-0 ... alone.html


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 Post subject: Re: Hungary goes Greek...
PostPosted: Thu Jul 22, 2010 9:26 pm 
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It seems that those pesky Hungarians are going to tax the banks and insurance companies....
http://www.nytimes.com/2010/07/23/busin ... orint.html

IMF is not impressed.


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 Post subject: Re: Hungary goes Greek...
PostPosted: Tue Nov 22, 2011 12:13 pm 
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http://www.telegraph.co.uk/finance/fina ... urope.html
Quote:
Rising bond yields and a weakening forint has forced the country's Fidesz government to swallow its pride and request a "precautionary" credit from both the International Monetary Fund and Europe, reportedly of €4bn (£3.4bn).

The growing likelihood that Hungary's debt will be downgraded has accelerated capital flight, causing two-year debt yields to jump from 5.5pc to 7.5pc since September.

"Hungary is a warning sign," said Neil Shearing from Capital Economics. "It is the country where the risks are most acute in the region, so this is where you would expect to trouble to start. We fear this may spread to Ukraine and the Balkans. Eastern Europe has enormous external financing needs for the banking system. They won't be able to roll over debts if there is a credit freeze in Western Europe." Mr Shearing said Hungary has to raise external finance equal to 18pc of GDP over the next year. The figures are 14pc for Croatia, and 13pc for Bulgaria.


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