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Hungary's story since the fall of the Berlin Wall- a 36% decline in the forint relative to the Swiss Franc since 2004 and half of all mortgage loans denominated in Swiss Francs
11/13/2014
The experience of borrowers since Hungary joined the European Union in 2004 has not been a happy one. Borrowers with little knowledge of the risks in currency markets borrowed in Euros and Swiss Francs. By 2006 growth slowed, unemployment increased, and the economy stuck with litle or no growth since 2006 is smaller now than in that year. The Orban government has taken steps to reduce monthly payments with an increase in the total amount owed, converting loans to forints, and imposing about $3.5 billion in compensation costs to borrowers on the banks- relief that still leaves borrowers in debt that may never be paid off and unable to borrow for other needs. This has increased the popularity of the Orban government, yet no one has emerged a winner. It has also soured Hungary's experience with free markets.
Grouped Articles
Borrowers in Hungary Learn Tough Lessons
New York Times 11.13.2014
New York Times 01.15.2015
Swiss Move Roils Global Markets
Wall Street Journal 01.16.2015
Here's What the Swiss Central Bank Just Did and Why Its Such a Shocker
BusinessWeek 01.18.2015
Central Europe and the Swiss franc: Currency risk
Economist 01.18.2015
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