S+P downgrade to cost Hungary billions


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)


Hungarians Want to Live to 96 Analysis

Hungarians Want to Live to 96

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Wizz Air Malta Names Managing Director Appointments

Wizz Air Malta Names Managing Director

2 Protests to Take Place in Budapest on Aug 20 City

2 Protests to Take Place in Budapest on Aug 20


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.