27 March 2012

HUNGARY / IMF / EU : Orban At Loggerheads With Troika; Markets Punish Budapest.


      PM Viktor Orban...won't give in quickly to demands from the EU and IMF on reforms...even if Hungary fails to receive a new infusion of needed loans from the IMF.
     Because of that...'markets' are punishing Orban...driving up bond yields...and sending down the forint.
     The EU is distressed about Orban's growing power over the judiciary and central bank.
     Orban, 48...even dares to compare the EU to the Soviets...and his resistance...to acting like a freedom fighter.
     But the fight is tiring investors.
     Hungary has to roll over more than $4 billion euros in debt this year...and carries a 'junk' rating from all 3 major agencies.