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The central bank reports that corporate loans have dropped 17.3% since peaking in March 2009, the biggest slump among the EU’s eastern economies.
The credit crunch grew even more after the government levied a $633 million special tax on lenders that will last through at least 2012.
“Lending conditions in Hungary are still becoming stricter, which goes against global trends,”said the Magyar Nemzeti Bank. It’s “a very bad sign regarding any future turnaround.”
