Hungary in danger of triggering financial crisis, FT says
No country within Europe is more vulnerable than Hungary to global financial volatility, London-based Financial Times said on Monday.
Noting the emphasis placed by Prime Minister Ferenc Gyurcsany on tax hikes to reign in the budget deficit, the FT warned, "A policy based so heavily on tax increases could hurt economic growth and may in turn put additional strains on public finances". The article also highlighted the vulnerability of Hungarian borrowers and banks on the back of increased household borrowing in foreign currencies.
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