A big chunk of Hungary’s deficit was born in 2000-2004 due to mortgage subsidies and was later expanded by the spread of foreign currency mortgage. “With a housing bubble about to burst, and unsustainable budget and current account deficits, the Hungarian economy is a time-bomb,” goes on the article, but basically it blames the reluctance by the Hungarian government to embrace monetary union as quickly as possible. The Hungarian government should have set a firm target for euro adoption, e.g. January 1 2009, suggests Financial Times so that it could implement more responsible fiscal policies. The fundamental lie of central European politics is that there is a good life outside the eurozone, but inside the EU, concludes the article. (Népszabadság)
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.