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Is Hungary the new Greece? June 6, 2010

Posted by Yilan in Yunanistan.
Tags: , , ,

Parliament Palace, Budapest, Hungary

Whoops Acropilis! Ladies and gentlemen, ‘Szia’ from Budapest in Hungary – the new ground zero for the world financial crisis, at least according to CNN. It was late afternoon today in my apartment and I was drinking ‘Bull’s blood’ red wine with the sound turned down on the television and talking about writing for the theatre when I saw the Hungarian financial crisis headline flash past and so I got up and checked the story on the internet. First it was to read something I already knew. That Hungary’s economy was a mess. But then I also found out that Hungary is considered the next serious threat to fragile economic recovery in the European Union, so-called.

Yes, apparently, from a scan of the reputable outlet headlines, it would seem Hungary is indeed the new Greece, economically speaking. I mean both countries apparently resemble massive great black holes where massive amounts of EU money has just disappeared. Well, not just disappeared. Naturally, a fully formed black economy was operating in Greece and has been in Hungary for years. It has been no more of a secret here than it was in Greece. Everybody has known about it, but nobody with any power to do anything bothered to do anything. I mean, really. The gravy train was just going to run on forever, the credit would never run out, the party would never end. Whoops!

Acropolis. I was interested to read that Greece and Hungary have approximately the same human population, so I’d imagine any kind of economic shitstorm the Greeks could stir up, the Hungarians would be able to equal or even better without even breaking a sweat.

If the Magyar Meltdown is the straw that breaks the camel’s back, then we are already into the second crash of a surely inevitable double dip global recession. I mean, don’t get me wrong. I sincerely hope that we’re not, but I do think if there is to be a Hungarian economic recovery let alone a global one, it will have to take place because sentiment and not greed prevails.

So fasten your seatbelts fellow residents of Planet Hungary, this could be one hell of a ride.



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