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How wretched is Hungary economy? Is forint holding up?

A combination of amateurism and pandering to a small oligarchy has created a homegrown economic, political, and social crisis in Hungary, Gordon Bajnai, a former prime minister who leads the Together 2014 party, said on Sunday.

EU statistics show a poverty rate of 13% in Hungary, but the figure falls far short of revealing the depths of desperation plaguing some communities.

In a 2012 report Hungary's National Health Institute revealed that over 14% of Hungarian children suffer from malnutrition.

The situation is most alarming in the northeast, where for many families, going hungry is the norm.

Nationally, unemployment runs at around 11%, but in the northeast it is over 30%, and reaches 80 or even 100% in the most remote villages, such as Gemzse.

by das monde on Mon Mar 25th, 2013 at 01:00:38 PM EST
The poverty in the north-east is mostly not Orbán's doing but the long-term effect of the collapse of heavy industry after 1990. Of course, the Orbán government did nothing to alleviate the situation, and aggravated poverty with his war on social benefits, especially in that region. The Hunger March I reported on last year (which BTW was repeated this year, meeting similar government counter-measures) originated there.

As for the Forint, check for example here. As you can see, the Forint is taking another dive.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Mar 25th, 2013 at 02:56:10 PM EST
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