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S+P downgrade to cost Hungary billions

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A downgrade on Friday of the outlook for Hungary's sovereign rating to negative from stable by Standard and Poor's on Friday will cost the country billions, Prime Minister Ferenc Gyurcsány said.

Gyurcsány blamed the downgrade on the organizers of a referendum on government reforms on March 9.

Hungarians firmly rejected the reforms in the referendum, which is a sign “political opposition to budgetary reforms is building,” Standard and Poor's (S+P) said in the announcement of the change to Hungary's outlook.

Gyurcsány noted that S+P had warned of the risk associated with the government's very moderate tax reduction program and said there are some who believe far more radical tax changes are required in Hungary. (MTI-Econews)

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