Austrian finance minister's stand on early FX repayment scheme unchanged
The Austrian finance minister's stand against an early forex loan repayment scheme in Hungary that makes banks cover the cost of a discounted exchange rate is unchanged, the ministry's spokesman told MTI on Thursday.
Austrian Finance Minister Maria Fekter protested the plan in a letter after the scheme was announced.
Hungarian National Economy Minister György Matolcsy's reply to Fekter's letter has not changed her stand on the matter, said spokesman Harald Waiglein.
Fekter said in the letter sent to Matolcsy on September 12 that the repayment scheme would lead to "enormous and immediate losses" in the Hungarian banking system and put the financial stability of the whole of Central and Eastern Europe at risk.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.