Friday, June 4, 2010

Europe Debt Troubles Deepen: Grave Situation in Hungary

Stock market futures are dropping again today. Straddles anyone?

The problems in Europe are not going away any time soon, that's any time as in years.

Hungary was the first European Union country to receive an international bailout during the credit crisis. It is now is in a "very grave situation”. The quote is not by any analyst, but from a spokesman for the Hungarian Prime Minister.

According to the Bloomberg report, the Hungarian forint lost 0.6% against the already very weak euro.

Hungary’s Fidesz party said the nation has a “slim chance to avoid the Greek situation.” Credit default swaps on Hungarian government bonds rose to 320 from yesterday’s close of 308.

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