Five-year credit default swaps on Hungary rose by 58 basis points to 320 basis points, meaning it costs $320,000 a year to insure $10 million of debt for five years.
The European Commission urged the country to cut its budget deficit faster, even as a top government official said the deficit could come in at over 7 percent of gross domestic product this year, far above the 3.8 percent target agreed with the International Monetary Fund and European Union, according to business news website (wwwnapi.hu). For details, click on [ID:nLDE6521H1]
The vice chairman of the ruling Fidesz party, Lajos Kosa, also said there was only a slim chance of avoiding a Greek-style scenario, according to napi.hu.
The European Commission urged the country to cut its budget deficit faster, even as a top government official said the deficit could come in at over 7 percent of gross domestic product this year, far above the 3.8 percent target agreed with the International Monetary Fund and European Union, according to business news website (wwwnapi.hu). For details, click on [ID:nLDE6521H1]
The vice chairman of the ruling Fidesz party, Lajos Kosa, also said there was only a slim chance of avoiding a Greek-style scenario, according to napi.hu.
