Friday, June 04, 2010

Dollar Soars; Euro, Euro/Swiss, Forint Hit New Low; Hungary’s Prime Minister says Economy in "Very Grave Situation, Default Talk Not an Exaggeration"

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€