Hungary now joins the growing band of European countries with withering debt problems. Prime Minister Viktor Orban
said the nation’s economy is in a very grave situation. He was even quoted as saying that a
default is not out of the question.
The current Hungarian government only came into power in May and is now blaming the previous administration for understating the size of the country’s budget
deficit, accusing it of lying about the true state of the economy. The revelations triggered a sharp fall by the Euro versus major rivals, driving the single currency to a four-year low versus the dollar and an all-time low against the Swiss
franc.
