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Strengthening CHF Raises Hungary's Economic Risks, WSJ writes referring to Varga

Hungary is being hit hard by a strengthening franc as the majority of household mortgage holders took out franc loans by 2008, today's Wall Street Journal claims referring to Mihály Varga, Deputy Prime Minister, when it was much cheaper than forint-based ones.

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 medical] drugs market, public transport, or pension system--to see in which areas might reforms be postponed or canceled," Varga said.