You know who wins out every time, right, taxpayers?
"Talk of deficit in Hungary rattles financial markets; Parallels drawn between nation and Greece" by Associated Press | June 5, 2010
BUDAPEST — Hungary’s currency, bonds, and stock market reeled yesterday as the new government tried to reassure investors that it was not about to slide into a Greek-type crisis despite official comments that the economy was in serious trouble....
Are they the ones who voted you in?
The new government was sworn in last Saturday and its talk about a massively revised budget gap was eerily similar to the situation in Greece....
International markets reacted quickly to the parallels drawn between Hungary and Greece, evidence that concerns about budget deficits in Europe continued to worry the markets....
Analysts were at odds over the reasoning behind the Hungarians’ original dire remarks.
“At best, they appear a somewhat careless attempt to buy domestic support for a renewed fiscal squeeze,’’ said a note from Neil Shearing, senior emerging market economist at Capital Economics in London, adding that “at worst’’ they were signs that the new government would abandon budget discipline and implement voter-friendly measures.
Yeah, HOW DARE THEY SERVE the PEOPLE WHO ELECTED THEM!!!!!
These could include lower taxes, large construction projects, or higher wages and pensions....
Oh, that won't happen. That money needs to pay off interest for the never-able-to-repay principals.
Looks like the Hungarian government got a visit from someone.
"Hungary backtracks on talk that it may default on its debts; Comments had caused fallout in financial markets" by Pablo Gorondi, Associated Press | June 6, 2010
BUDAPEST — Hungary’s government yesterday tried to calm investors and distanced itself from earlier comments by officials claiming that the country was close to defaulting on its debts.
State Secretary Mihaly Varga, a former finance minister, described talk of a default as “exaggerated . . . and unfortunate,’’ adding that the new, center-right government of the Fidesz party was committed to the 2010 budget deficit of 3.8 percent of GDP set by the previous administration even if “immediate and urgent’’ steps were needed to achieve it....
Translation: F*** the people!
Now wheel those wheelbarrows full of money over to the banksters.
Statements Thursday and Friday from several Fidesz and government officials, which compared Hungary’s situation to that of Greece and raised the possibility of a budget gap twice as big as planned, shocked financial markets and were seen as one of the reasons the euro fell to four-year lows....
Analysts seemed perplexed by the chilling comments and European officials also sought to allay market fears that Hungary was on the edge of insolvency....
“The claim that the country is on a brink of sovereign default and risks following the Greek path does not hold up against the facts,’’ said a report on emerging markets from
Are we really supposed to believe what those double-crossing looters say?
See: Goldman Sachs' Rigged Gambling Game
Screwed Hungary, too, huh?
The report also noted that Hungary still had access to unused parts of the rescue package of $27 billion it was granted in 2008 and that the country could “roll over’’ or replace its maturing debt with new loans “without a problem.’’
That is the SAME ADVICE they gave the GREEKS!!!!!
Goldman Sachs, echoing analysis from several other financial institutions, concluded that the Fidesz comments were likely meant to cool Hungarians’ expectations toward the new government, which took over last week after eight years headed by the Socialist Party.
Why even bother voting when you get NO CHANGE at all?!!
What if they had an election and nobody came?
The “dramatic’’ comments “were used to build a dramatic backdrop that would let Fidesz backtrack on a large share of its campaign promises and broadly continue with the fiscal policies of the previous government, as well as preparing the ground for another round of IMF talks,’’ Goldman Sachs said....
Looks like YOU will be GOING HUNGRY, Hungarians, so BANKERS can BENEFIT!
So WHO BORROWED all that MONEY, Hungarians, because it sure as hell wasn't you, was it?
