Bloomberg News

Hungarian Forint Weakens for Second Day After EU Budget Warning

March 13, 2012

The forint weakened for a second day after the European Union said Hungary, its most-indebted eastern member, is not doing enough to curb the budget deficit.

The Hungarian currency depreciated 0.2 percent to 294.36 per euro by 1:52 p.m. in Budapest, adding to a 0.6 percent drop yesterday and paring this year’s rally to 7 percent.

Prime Minister Viktor Orban’s fiscal austerity measures are “not sufficient,” Amadeu Altafaj, an EU spokesperson, told journalists today in Brussels. Moody’s Investors Service said yesterday that delays in bailout talks with the International Monetary Fund and the EU are “credit negative” for Hungary.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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