Strong Swiss franc raises economic risks, says deputy PM

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Hungary is being hit hard by a strengthening franc as the majority of household mortgage holders took out franc loans by 2008 when these were much cheaper than forint-based ones, The Wall Street Journal reported, citing Deputy Prime Minister Mihály Varga.

If the Greek crisis escalates further, Hungary may even need to recalculate its fiscal measures, Varga said. "Although Hungary's financing is a resolved issue for this year, a negative scenario would necessitate reconsidering the government's overhaul plans in the areas of employment, the drugs market, public transport, or the pension system – to see in which areas might reforms be postponed or canceled," Varga said.

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