In 2010, when the Government introduced crisis taxes on banks, the measures met with surprise and shock. Some predicted that the taxes would provoke banks to completely deleverage and leave Hungary. The reaction did not surprise Government officials, however, who responded that if the financial crisis were to deepen in Hungary it would not be due to banks leaving Hungary but because of the high debt and overspending of previous Governments. Those were the real causes for concern in 2010, the factors that had nearly led Hungary to default and the problems that must be fixed.
Posted on: Thu, 16 Jan 2014 07:55:01 +0000
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