Eurozone crisis spreads to Hungary

From the International Report delivered to the CPGB-ML’s central committee on 3 December

Hungary is yet another European country in extreme financial difficulties. As it tries to refinance its debt, it is being forced to pay high rates of interest, and its currency, the florint, has tumbled to record lows.

This is causing severe difficulties for thousands of Hungarians who took out mortgages in Swiss francs when the florint was much stronger and are now facing massive mortgage repayments.

Credit ratings for Hungary have dropped close to junk status as Hungary’s biggest market – the eurozone – finds itself in trouble.