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Posts Tagged ‘Sovereign Debt Crisis’

Euro Coins The European single currency, the Euro. (c) Barry Batchelor/PA

Germany’s economy shrank during the last 3 months of 2011, France’s cherished AAA credit rating disappeared, while Greece’s industrial output continues to plummet. Economic pain is hitting every corner of the Eurozone but no politicians are seriously contemplating break up. The huge cost of leaving is obscuring alternative worst case scenarios and popular discontent but how much longer can a monetary union with no winners survive?

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Protesters in Central Budapest. (c) Laszlo Balogh/Reuters

Another day, another protest against the government, such is life in Hungary under the premiership of Viktor Orbán. Despite its location at the heart of Europe Hungary is often forgotten, but this year Hungary may well be the word on everybody’s lips. A failed bond auction at the end of December is the latest symptom of the myriad of problems facing a country that has had more than its fair share of hardship in its last century. An authoritarian leader, decades of bad blood, an electoral disaster and controversial reforms have led Hungary to a familiar economic brink.

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