After Greece, it's Hungary's turn to shake financial markets
A new shockwave hit the Bucharest Stock Exchange, and the RON
returned to the level at the beginning of the year on Friday, after
the governmental officials in Budapest said at the end of last week
that Hungary's financial situation was dramatic, thus reigniting
investors' fears about regional expansion of the problems in
Greece.
The Bucharest Stock Exchange fell by 3.07% on Friday, as a result
of the decline of foreign stock markets, after merely two sessions
of growth. The RON continued to depreciate in line with the
currencies of the region, with rates on the interbank market
reaching 4.2190 RON/EUR. The reference rate announced by the NBR on
Friday rose by 1.87 bani (100 bani - 1 RON) to 4.2051 RON/EUR, a
new high after the 5th of January. CDS cost rose to 300 base
points.
In Bucharest, political risk is fuelling investors' fears, as the
Government is to assume responsibility before the Parliament for
the laws on austerity measures today.