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Seiser, Michaela


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Frankfurter Allgemeine Zeitung - Germany | 04/01/2012

Hungary hurt by chaotic economic policy

With its unpredictable economic policy, highly indebted Hungary is only harming its own interests, the conservative Frankfurter Allgemeine Zeitung observes: "The country is currently having great trouble servicing its sovereign debt. Two major rating agencies have downgraded Hungarian bonds to junk status in the past weeks. An unpredictable economic policy, an unclear budget situation and a sovereign debt that amounts to a fifth of the economic output have contributed to this rating. ... It's strange that although the government is pursuing an austerity programme it still has money for renationalising companies. Also disconcerting is its treatment of the foreign investors who are so crucial to the country's prosperity. Although the government is trying to attract foreign investors it is annoying companies already active in the country to such an extent that potential sources of capital are drying up."

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