Hungary: The scary part of the movie starts now

Late last night rating agency Moody’s downgraded both the foreign and local currency debt ratings of Hungary by one notch from Baa3 to Ba1, the highest junk-grade credit rating. The outlook remains negative. Hungary has now lost its investment grade status with one of the three main rating agencies. Moody’s cited the “uncertainty surrounding the Hungarian government’s ability to meet its targets on fiscal consolidation and public sector debt reduction” as one of the main reasons for the

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