European Tribune - Comments - Hungary in danger of bankrupcy?

Hungary in danger of bankrupcy? | 9 comments (9 topical, editorial, 0 hidden)

The turmoil was mentioned in the OT by Martin.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Fri Oct 10th, 2008 at 03:32:14 AM EST

Re: Tip Jar/Seed comment (4.00 / 3)

I note that according to the data of the State Oversight Body of Financial Institutions, there is no liquidity problem for Hungarian banks: there was a net influx of €40 million even yesterday.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Fri Oct 10th, 2008 at 04:33:46 AM EST
[ Parent ]

Re: Tip Jar/Seed comment (4.00 / 3)

Update on events this morning:

The stock market plunge (from 15,000 to near 13,000) and the Forint depreciation (to 272 an Euro) continued, trading was temporarily suspended in a number of shares (including OTP and worst-hit MOL).
The authority started an investigation into one single deal in OTP shares yesterday: this deal concerned 10% of the whole trade, and was way off the then going price. OTP itself sued for spreading rumours. (Also, the minister declared that they offered a credit guarantee to OTP, but the bank refused stating no need.)
One smaller bank, the Hungarian branch of Citibank, did offer Lehman Brothers bonds to its customers -- and is simply telling them that they lost their money, they won't reimburse customers.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Fri Oct 10th, 2008 at 04:50:30 AM EST
[ Parent ]

Re: Tip Jar/Seed comment (4.00 / 2)

Update on update: rewind on panic. Within an hour, the Forint is back to 260 an Euro, the stock market index BUX rebounded to around 14,000 (OTP rebounded too).

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Fri Oct 10th, 2008 at 04:58:55 AM EST
[ Parent ]

Re: Tip Jar/Seed comment (none / 0)

More update: the rebound continued. What's more, OTP seems to have averted the attack on its own, with massive purchases of own stock.

As for the treasuries and state bonds, the state debt authority declared they reduce the selling of these "in reaction to falling demand", only selling dbt renewal until the end of the year.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Fri Oct 10th, 2008 at 01:14:10 PM EST
[ Parent ]

Hungary in danger of bankrupcy? | 9 comments (9 topical, 0 editorial, 0 hidden)

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