Forint drops on concern Hungarian premier Gyurcsány may leave
Sunday's election results represent Gyurcsány's first defeat since he took over the Socialists in September 2004 and led them to a second consecutive victory in April. Street clashes and demands for Gyurcsány's resignation lasted two weeks before the elections. Fidesz, the biggest opposition party, called on the Socialists to hold a no-confidence vote against Gyurcsány within 72 hours and dismiss him from the post, Fidesz Chairman Orbán said at a press conference. The yield on Hungary's benchmark 6% bond due in October 2011 reached a three-month high, gaining 13 basis points to 8.26% at 5:40 p.m. in Budapest. The price, which moves inversely to the yield, declined by 0.49, or Ft 49 per Ft 10,000 ($46) face amount, to 90.99. (Bloomberg)
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