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FX Loans: ECB Warns Hungary

Published: October 14, 2013; 07:12 · (Vindobona)

ECB´s governor Mario Draghi warns Hungary. The conversion of foreign currency loans may sharpen the credit crunch.

FX Loans: ECB Warns Hungary / Picture: © SW Umwelttechnik

Due to the dramatic decline of the Hungarian forint against the Swiss franc and the euro in the last years, about 700,000 Hungarian households was unable to repay their foreign currency mortgages. Since 2008, the Hungarian forint lost about 50% against the Swiss franc. In order to support stressed Hungarian home-owners, Hungary´s conservative government wants to shift the…

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