The rekindling of the financial crisis in the West yesterday putpressure on the RON/euro exchange rate and on Romania's defaultrisk premium, but the hardest-hit country in the region is Hungary,whose CDS leapt to 378 basis points (3.78 per cent). In the eurozone, Belgium risks bankruptcy, with CDS of these countries hittingrecord levels, which in Spain's case are significantly higher thanRomania's. After Ireland's significant bailout package of 85billion euros did not manage to temper the nervousness of financialmarkets, a bleak picture is painted in the international media,about the prospects of countries such as Spain and Italy being toobig to be rescued from bankruptcy. For the time being, Romania hasnot yet been visibly contaminated, but international credit defaultswaps have again exceeded 300 basis points, reaching 325 points,which indicates that financing in euros may become more expensiveif pressure continues. Yesterday the National Bank intervened onthe forex market to temper the trend of depreciation of the RON,with the euro staying at 4.30 RON. The forint depreciated by 3.5%against the euro in the past week, with the central bank decidingMonday to increase the key interest rate by 0.25 percent.
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