Varga: Greek debt issue has minor effect on Hungary

EU

As Hungary’s trade connections with Greece are moderate, precisely 0.4% of export, the country’s debt crisis will have a minor effect on the Hungarian economy, National Economy Minister Mihály Varga reportedly told journalists today following his presentation of awards to successful businesses.

The effect of Greek banks on the Hungarian banking sector is minimal as there are no Greek banks in the market unlike in Bulgaria or Serbia.

However, the minister noted that there are two effects that need to be considered, namely the forint’s exchange rate and the yield of state bonds. Yet, according to the minister, world markets have already prepared for a possible Greek bankruptcy or exit from the EU, or Grexit as it is often referred to.

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