Hungary Emerges as Surprised Star of EM |
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May 23, 2011
Hungary has been the surprise star of emerging markets this year, leading a string of advances in central and eastern European currencies, equities and bonds that few observers had predicted.
Hungary has been the surprise star of emerging markets this year, leading a string of advances in central and eastern European currencies, equities and bonds that few observers had predicted. The country was among the first in the region to require an international rescue, securing €20bn ($28bn) from the European Union and International Monetary Fund in October 2008, even before neighbouring countries were sucked into the global crisis. For a while, investors were not convinced that the refinancing would work given Budapest’s reluctance to cut deep into its yawning budget deficits. Even when the rescue programme was put into place there were doubts.
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