![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Hungary Is Headed For A Substantial Recession As Foreign Exchange Lending Seizes Up
Edward Hugh (October 16th, 2008) Writes:
by Edward Hugh: BarcelonaHungary's agony continues with both currency and stock markets falling sharply yesterday while bankers continue to report acute credit shortages. At the same time contagion has started to extend its ugly reach right across eastern Europe, with Ukraine, the Baltics and Serbia (at a minimum) all in ongoing negotiations with the IMF, with the credit crunch which has followed in the wake of the global financial turmoil really starting to bite.
"Many central and eastern European countries simply don't have either the financial strength or the technical expertise to bail out banks,'' said Lars Christensen, a senior emerging-markets analyst at Danske Bank A/S in Copenhagen. "It's like an Iceland look-a-like contest and there are a number of candidates looking very fragile at the moment.''
Emerging-market banks plunged this morning after Standard & Poor's warned that Korea's lenders will struggle to refinance ...Tags for this Post:
Apart from retail sales, Association of Hungarian Vehicle Importers, Bank, Barcelona, Bayerische Landesbank, Brussels, Budapest, bux, Car Sales, central bank, Central Statistics Office, Copenhagen, Czech Republic, Danske Bank A/S, Eastern Europe, Economics, Edward Hugh, EUR, European Central Bank, European Union, finance, fresh food, Gdp, Gross Domestic Product, household, HUF, HUF falls, Hungarian association, Hungarian government, Hungary, Iceland, International Bank for Reconstruction and Development, International Monetary Fund, K&H Bank, Korea, Lars Christensen, Less retail sales, loan applications, local subsidiary, MKB, Moody's, National Statistics Office, Norway, Oecd, Oesterreichische Volksbanken AG, OTP, Poland, Population Falls, processed food components, real estate contracting, real estate sectors, Retail Sales, retail sales etc, Romania, Russia, Serbia, Socialist government, Spain, Standard Poors, Switzerland, Ukraine, United States, USD, Western Europe
Apart from retail sales, Association of Hungarian Vehicle Importers, Bank, Barcelona, Bayerische Landesbank, Brussels, Budapest, bux, Car Sales, central bank, Central Statistics Office, Copenhagen, Czech Republic, Danske Bank A/S, Eastern Europe, Economics, Edward Hugh, EUR, European Central Bank, European Union, finance, fresh food, Gdp, Gross Domestic Product, household, HUF, HUF falls, Hungarian association, Hungarian government, Hungary, Iceland, International Bank for Reconstruction and Development, International Monetary Fund, K&H Bank, Korea, Lars Christensen, Less retail sales, loan applications, local subsidiary, MKB, Moody's, National Statistics Office, Norway, Oecd, Oesterreichische Volksbanken AG, OTP, Poland, Population Falls, processed food components, real estate contracting, real estate sectors, Retail Sales, retail sales etc, Romania, Russia, Serbia, Socialist government, Spain, Standard Poors, Switzerland, Ukraine, United States, USD, Western Europe
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.