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Orbán Takes Big Stick To Banks

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“Final solution” to the “hard currency based debt crises”

Orbán’s comments were widely seen as an “ultimatum” to the bank sector. Prime Minister Orbán stated banks had acted “in bad faith” by concluding loan agreements in which all exchange risk was assumed by the customer, a situation he called “unacceptable”. Claiming the banks “knew in advance what would happen” if there was a significant devaluation of the forint, Orbán branded such loans a “defective product” and called on banks to modify the contracts by 1 November “without being compelled to do so by the government”. Viktor Orbán claimed Hungarian banks had “a moral obligation to voluntarily modify hard currency based loan contracts to the benefit of their customers” and called on banks to “eliminate hard currency based loans” by 1 November in a manner not “disadvantageous to holders of forint loans” or “the government will act”.

Recycling language used in last Friday’s radio interview with regard to utility companies (whom the government is pressuring to lower utility costs before the next election), Orbán stated “now we are the strong ones, and the banks must bend before us.” Link

He's definitely gone bonkers, that boy. Banks will not like it.

Let see if he will be re-elected

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Let see if he will be re-elected

Mortality rates among politicians who come out strongly against the interests of the bankers are historically high- he might fall down the stairs before having the chance.

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Mr Orban is quite popular here in Hungary. He has a lot of support from 'middle Hungary' who like his traditionalist, pro-Catholic stance but also from people who see him as the 'least worst' option. (the previous socialist government were pretty awful by all accounts). He does seem to be going a bit odd though. The government seems to like nationalising anything that makes a profit, without realising it usually makes a profit because it's NOT run by the government. A recent classic example was nationalising tobacconist shops, which meant a load of small corner shops went out of business. In the end I think he'll be voted out due to things like this.

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