Hungary: Conflict with Banks Sharpens

Politics ♦ Published: October 29, 2013; 07:26 ♦ (Vindobona)

Hungary´s Minister of Finance Mihaly Varga rejects the proposal submitted by the banking association.

Hungary: Conflict with Banks Sharpens / Picture: ©

The conversion of foreign exchange loans continues to cause substantial problems for the Hungarian banking sector. 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 were unable to repay their foreign currency mortgages. Since 2008, the Hungarian forint lost about 50% against the Swiss franc. In…