UBS Says Hungary Might Default
- 5 Jan 2012 8:00 AM
"A sovereign default by Hungary is fifth on a list of top ten possible surprises in 2012 drawn up by Swiss investment bank UBS. The probability of default is seen as highest in Pakistan, Ukraine, Hungary and Croatia. UBS notes that Hungary’s state debt is high in relation to GDP, which is suffering from a poor growth outlook.
As Hungary has large foreign-currency payment duties in 2012, it is rather exposed to the volatile money markets, the bank adds. This situation is very similar to that in the euro zone periphery countries, UBS says."
Source: Hungary Around the Clock
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