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Kuczyński, Piotr

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Gazeta Wyborcza - Poland | 05/01/2012

Weak forint not dragging down złoty

The Hungarian forint fell to a record low against the euro on Wednesday. Market watchers explained the drop citing the uncertainty about an emergency loan from the International Monetary Fund and the European Union urgently needed by Hungary. That should hardly affect the Polish złoty, economist Piotr Kuczyński of the investment house Xelion writes in the liberal daily Gazeta Wyborcza: "The investors recognise the difference between Orbán and Tusk. They know that in Poland the ration of debt to GDP is 53 percent while it's 80 percent in Hungary. Comments that the złoty is being weakened by the forint are exaggerated. The investors also know that in comparison to Hungary we have a strong domestic demand. They see these differences. The złoty developed very differently than the forint in the past year. Although we will always be part of Central Eastern Europe, we have in fact distanced ourselves from our neighbours."

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