Hungary is Seeking New Creditors

Politics ♦ Published: September 27, 2013; 19:55 ♦ (Vindobona)

The Hungarian public debt agency AKK intends to sell more sovereign bonds in Asia. Compared to other European countries, Hungary´s debt burden causes severe difficulties.

Hungary is Seeking New Creditors / Picture: ©

Until 2014, Hungary intends to issue a big size of foreign currency bond. In total, AKK plans to sell euro bonds and the US dollar bonds of more than € 6bn. The Hungarian government explained that the funds are needed to repay foreign debts. At the end of August, foreign exchange reserves only came at € 3.1bn. This is the lowest level since 2008. The decline in foreign exchange…