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| This could hurt a bit |
“Men!” announced the baneful god of Pannon memory
"I give to you a joyous land; yours to fight for, if necessary”
So great, brave nations fought determinedly for her
Until the Magyar finally emerged as the bloody victor
Oh, but discord remained in the souls of the nations: the land
Can never know happiness, under this curse’s hand"19th century Hungarian romantic poet Mihály Vörösmarty, expounding on the ill fortune that has so frequently cursed his native land.
Hungary has been getting a lot of press lately as its looming debt and balance of payments crisis continues to intensify, with Fitch lately joining S&P and Moody’s in downgrading the former Republic of Hungary (now just Hungary) to junk. I've taken an interest in Hungary in the past few months as it offers an interesting play on European deleveraging while its increasingly erratic and isolationist administration has provided some of the most exciting political theater to date in the Euro crisis.
With the situation beginning to spiral out of control after a disastrous bond auction and an ever-weakening domestic currency, Hungary will likely need outside assistance similar to what it received in 2008 in order to arrest its slow but steady downward trajectory. In light of the potentially dire economic consequences, the analyst community seems to regard an IMF/EU deal as a foregone conclusion, having taken at face value the government’s recent comments on its willingness to negotiate in good faith.
