A threat of a credit downgrade, a decline in the exchange rate, a tax on financial institutions: Hungary’s behaving exactly the way the IMF and EU hate!!!
“We’re going to continue a disciplined fiscal policy, which doesn’t equal the usual austerity policy that affects families and businesses,” the Economy Ministry said in an e- mailed response to questions from Bloomberg News.
Them’s fightin’ words!!!
All of these rescue packages in Eastern and Central Europe are about one thing: bailing out Western European banks who lent foolishly.
While waiting for the phony “stress test results” on these banks to be announced, the ECB’s sort of austerity-based fantasy promises to keep the world economy stagnating along for years to come.
Egad, Hungary’s decided to put its own people first before bailing out the foreign bankers!
Fortunately, Hungary is not part of the Euro, so it can survive by devaluation, and if necessary partial default.
That’s not what clowns like M. Trichet want to hear, because it might encourage weaker Euroland states to leave the Euro, or convince the Germans, the sole beneficiary of M. Trichet’s idiocy, to jump before their bankers are pushed.
Gorilla says: “Forint exchange may well win this Frankfurter eating contest!”
