Economy / Hungary
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Watch The Fundamentals
January 2005 | Market AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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As we suggested last week, Hungary is far from out of the woods yet. This has been underscored by the decision of rating agency Fitch to cut the country's local currency rating to A from A+. In outlining his reasons for the move, Edward Parker, cited the problems created by the twin deficits and the lack of policy credibility, as well as the delayed eurozone membership timetable. Despite protests from the central bank that the agency's decision was based on historic information, we remain concerned that there will be further fiscal slippage this year. Failure to meet the 4.7% of