Hungary no facing default on bonds (independence, March, economic, money)

[KUchief25]

So Hungary up to the front of the line next.

"The Budapest government saw borrowing costs soar and the currency plunge as traders bet that international authorities may abandon Hungary, letting it become the first European Union country to default on its debts."

Oh and Spain banks need another 50 billion to make up for devalued property investments and Greece is facing an "uncontrolled default" in March. Yippee. Get the printing presses going again at the fed.

Hungary faces crisis as traders fear bond debt default - Telegraph

[Mircea]

From 07-14-2011, 07:35 AM

Originally Posted by Mircea

There are 11 countries altogether, however you have to keep things in the proper perspective.

Greece is 11 Million people with a GDP of $350 Billion. They borrowed $100 Billion. What is that exactly?

Um, 0.625% of the EU GDP.

Still more countries to come....

Funny how history repeats itself. This all happened about 250 years ago during the 1760s and 1770s. A giant credit crunch when the East India Trading Company collapsed. The only thing that has changed is some of the countries that are involved. Then, Britain and Russia were affected, but France and Spain were not. Now France and Spain are affected but not so much Britain and Russia. Greece was part of the Ottoman Empire then and not affected, but Hungaria as part of the Austro-Hungarian Empire was.

You got about 5-6 more years of this nonsense.

Defaulting...

Mircea

[majoun]

Isn't the IMF refusing to loan Hungary any money because Hungary passed a law abolishing the independence of their central bank and putting the issuance of currency under the direct control of their government? Just like the US Constitution mandates but which has been ignored ever since the passage of the Federal Reserve Act?

Interesting things happening in the land of my ancestors....

[KUchief25]

Yeah they gave the president all the power or something along those lines and the IMF said ok your out. Thing is these guys still owe the IMF a bunch of money and of course they're worried about other banks who have holdings in Belgium if they go belly up. Just another mess in the EU. No worries.

[Mircea]

Originally Posted by majoun

Isn't the IMF refusing to loan Hungary any money because Hungary passed a law abolishing the independence of their central bank and putting the issuance of currency under the direct control of their government? Just like the US Constitution mandates but which has been ignored ever since the passage of the Federal Reserve Act?

Interesting things happening in the land of my ancestors....

I don't know, but I'll look into it. It would be interesting indeed.

Investigating...

Mircea

[Whateverhere]

Hungary is not in the Eurozone. So they have to deal with it by theirselves. They also can go insolvent, like Argentina and Zimbabwe did.