U.S. Dollar Soars Against Crumbling Euro as Hungary Next for Debt

Default Bailout
Currencies / US Dollar
Jun 05, 2010 - 01:58 AM

By: Mike_Shedlock

The situation in Europe is taking a turn for the worse as the Prime Minister of Hungary says Hungarian economy is in a "very grave situation and talk of a default is not an exaggeration".

Please consider Hungary’s Forint Weakens to 12-Month Low; Bonds, Stocks Plunge http://www.bloomberg.com/apps/news?pid= ... NnDO0gdICA

Hungary’s forint weakened to the lowest level in a year, the nation’s stocks plunged and government bond yields had the biggest increase since November 2008 after a spokesman for Prime Minister Viktor Orban said the economy is in a “very grave situation.â€