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Capital Economics

The leading macroeconomic research consultancy

Emerging Europe Economics Focus

Emerging Europe Economics Focus

Why Hungary will opt for default

We suspect that Hungary will ultimately turn to some form of default as a way out of its current debt problems. The alternative is further austerity – and while we expect Hungary to pursue this path for a little longer, we are not convinced that the public (and by extension policymakers) have the appetite for the additional cuts that would be needed to bring debt down to a sustainable level. Needless, to say, default would have major implications for Hungary’s banks and financial markets.

 

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