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Hungary Gets $6.7B Loan to Avert Meltdown

Budapest secures huge loan to prevent default à la Iceland

By Jason Farago, Newser Staff

Posted Oct 17, 2008 8:33 AM CDT

(Newser) – The Hungarian government secured a $6.7-billion loan yesterday from the European Central Bank in an attempt to stave off an Icelandic-style national meltdown. The EU newcomer's troubles derive from loans denominated in euros or Swiss francs, rather than the softer Hungarian forint. Frozen credit... Read full story »

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Hungary Gets $6.7B Loan to Avert Meltdown

Budapest secures huge loan to prevent default à la Iceland

Eastern Europe • IMF • Hungary • credit market • default • mortgage defaults • financial crisis • Hungarian forint

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Multibillion-dollar loans prop up Eastern Europe's basket cases

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