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Keyword: hungary

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  • Moody's downgrades Hungarian debt, Gov steals private pensions (Model for 401-K theft here?)

    12/06/2010 9:32:15 AM PST · by SanFranDan · 10 replies
    AP via drudge ^ | 12/6/10
    BUDAPEST, Hungary (AP) - Credit ratings agency Moody's downgraded Hungary's government bonds by two notches on Monday, citing worries about public finance policies and exposure to foreign financial shocks, such as the European debt crisis. snip Prime Minister Viktor Orban's center-right government has committed to budget deficit limits set by the European Union but has resorted to unusual methods - including special taxes on banks and energy, telecommunications and retail companies - to reduce the deficit below 3 percent of GDP in coming years. The government is also planning to fill budget holes with some $13.3 billion (euro10 billion) accumulated...
  • Remember My Discussion on Pensions?

    11/29/2010 2:41:49 PM PST · by The Comedian · 24 replies
    The Market Ticker ^ | Nov. 29, 2010 | Karl Denninger
    France is the latest to seize pension assets. They follow Hungary and Ireland. There will be more. And eventually, it will come here - and when it does, you will get hosed. There is only one way to stop it. You, the American people, must demand that all of the bad loans that were made by banks be forced back onto them and defaulted. At the same time the government must stand back and let the adjustment take place. Yes, this will detonate the banks. Yes, this will result in huge losses. Yes, this will result in a short-term dislocation...
  • There Go Irish and Hungarian Pensions? (Your 401k/IRA someday soon too?)

    11/24/2010 8:55:12 PM PST · by Frantzie · 6 replies
    Zero Hedge ^ | 11-24-2010 | Leo Kolivakis
    A sharp increase in taxation, deep cuts in social welfare payments, a reduction in the minimum wage and a modest property tax are among the elements in the Government’s four-year National Recovery Plan. Tax relief on pensions will be reduced dramatically and recipients of public sector pensions will face cuts for the first time. The 140-page plan published yesterday outlines a package of measures designed to reduce public spending by €10 billion and raise an extra €5 billion in taxes by 2014.
  • ZOA: It's Troubling To See Jewish Leaders Defend Israel/U.S. Basher George Soros

    11/17/2010 5:19:31 AM PST · by SJackson · 23 replies
    IMRA ^ | 11-17-10
    ZOA: It's Troubling To See Jewish Leaders Defend Israel/U.S. Basher George Soros Against Glenn Beck's Criticism November 16, 2010 FOR IMMEDIATE RELEASE Contact: Morton A. Klein Phone: 212-481-1500 Soros: 1944 (Nazi occupation) “was happiest time of my life … adventure … fun” The Zionist Organization of America (ZOA) has expressed its concern over the strong criticism that a number of American Jewish leaders and other prominent Jews in recent days have directed at Fox broadcaster, Glenn Beck, for his criticism of Israel/U.S.-basher, financier George Soros, regarding his behavior in Nazi-occupied Budapest in 1944. In that year, George Soros’ father...
  • George Soros: The Enemy Within

    10/21/2010 2:29:56 PM PDT · by Islander7 · 22 replies
    Bear Witness ^ | February 18, 2010 | Laus Deo & Chris Jones
    "Who is behind Barak Obama, Who is pulling the strings??". Here is what Mr. Kroft's research has turned up.........bit of a read, but it took 4 months to put it together... “The main obstacle to a stable and just world order is the United States.”—George Soros “George Soros is an evil man. He’s anti-God, anti-family, anti-American, and anti-good.” —Rev. Jesse Lee Peterson Is it possible to lay the global financial meltdown, the radicalizing of the Democratic Party, and America’s moral decline, at the feet of one man? YES, It is indeed possible.
  • Nazi hunter Zuroff on trial for libel

    10/15/2010 12:37:51 PM PDT · by Bokababe · 17 replies
    JTA ^ | 10/13/10 | Staff
    Nazi hunter Efraim Zuroff is fighting libel charges filed by an alleged war criminal in Hungary. The case, being heard in a Budapest courtroom, began Oct. 8 and is scheduled to continue through a final hearing Dec. 16.It is likely the first time that a man under investigation for mass murder has sued his accusers, Zuroff told JTA. Zuroff, who has been searching for Nazi war criminals under the Simon Wiesenthal Center's Operation Last Chance program, submitted documents to the Hungarian authorities in August 2006 to prove that Sandor Kepiro, while serving as a Hungarian gendarmerie officer in World War...
  • Hungarian Physicist Dr. Ferenc Miskolczi proves CO2 emissions irrelevant in Earth’s Climate

    01/12/2010 7:46:53 AM PST · by Danae · 34 replies · 1,647+ views ^ | 1-12-2010 | Dianna Cotter
    For years now, we have been told that science is dedicatedly attempting to find out how the Earth’s Climate works. With all possible seriousness, the most publically vocal of these scientists, those working for the UN’s IPCC (Intergovernmental Panel on Climate Change), have for the last several years blamed the warming they “found” on Carbon Dioxide. With the release of the CRU (Climatic Research Unit, University of East Anglia) email database, it is very clearly apparent that the scientists involved with the IPCC were doctoring data to give a specific result. That result was designed to look as if CO2was...
  • A flood of toxic sludge in Hungary (horrifying pictures)

    10/07/2010 3:26:00 PM PDT · by lizol · 36 replies
    The Big Picture ^ | October 6, 2010
    A flood of toxic sludge On Monday, October 4th, a large reservoir filled with toxic red sludge in western Hungary ruptured, releasing approximately 700,000 cubic meters (185 million gallons) of stinking caustic mud, which killed many animals, at least four people, and injured over 120 - many with chemical burns. The 12-foot-high flood of sludge inundated several towns, sweeping cars off the road as it flowed into the nearby Marcal River. Emergency workers rushed to pour 1,000 tons of plaster into the Marcal River in an attempt to bind the sludge and keep it from flowing on to the Danube...
  • Hungary opens criminal probe into sludge disaster

    10/06/2010 8:39:48 AM PDT · by dfwgator · 7 replies
    KOLONTAR, Hungary – Hungary's top investigative agency opened a criminal probe into the toxic sludge flood Wednesday while the European Union and environmental groups warned the disaster could spread down the Danube and have long-term consequences for half a dozen nations.
  • No. 3 reactor block of the Kola Nuclear Power Plant was shut down

    09/28/2010 6:35:52 PM PDT · by The Comedian · 14 replies
    The No. 3 reactor block of the embattled Kola Nuclear Power Plant was shut down today by its automatic switch off in what is a seeming series of more and more incidents at the Kola, and well as other Russian NPPs. In a release on Kola NPP’s website, operators said that, “at 1:38 am on September 28, the automatic protection switch of the No. 3 reactor block shut the unit down as a result of a malfunction in one of the elements in the system responsible for pressure control in the first compartment. The reason for the malfunction is being...
  • Battle of Mohacs, August 29, 1526 [Suleiman, Ottomans defeat Hungarians on this date]

    08/29/2010 9:59:43 AM PDT · by syriacus · 3 replies
    You Tube ^ | June 4, 2010 | Callistrid
    Ultimate result -- 150 years of Turkish rule of Hungary
  • Hungarian priest gets on skateboard to connect

    08/18/2010 6:14:49 AM PDT · by NYer · 5 replies
    BBC ^ | August 16, 2010
    Zoltan Lendvai's first skateboard bore the papal coat of armsA Hungarian Catholic priest who spreads God's word from a skateboard has become an internet sensation.A video of the Reverend Zoltan Lendvai, 45, in action has attracted almost 170,000 hits on YouTube.The video, Funny Priest Skateboarding, shows Father Lendvai, clad in full clerical garb, displaying his moves.It is not clear whether he has mastered the nose-grind or the kick-flip, but his skills have helped attract young people to his church.Father Lendvai, whose first board bore the papal coat of arms, believes skateboarding can pave the way to God for young people.He...
  • Hungary's IMF revolt augurs ill for Greece (people will refuse austerity eventually)

    07/19/2010 4:01:46 PM PDT · by mainsail that · 6 replies · 5+ views ^ | 7/20/2010 |
    "We told the IMF/EU that further austerity was out of the question," said Hungary's economic minister Gyorgy Matolcsy, offering no hint that the Fidesz government is willing to back down despite yesterday's surge in Hungarian default costs by 51 basis points. .... Lars Christensen, of Danske Bank, said events in Budapest are a warning of what may happen in the Baltics later this year, and then in Greece and other parts of EMU-periphery forced to undergo wage cuts and harsh fiscal tightening. "It is incredible how long Hungary has been struggling to get over its imbalances. It first began austerity...
  • Hungary Minister: IMF Talks Break Off On Lack Of Austerity

    07/19/2010 3:37:52 AM PDT · by Erik Latranyi · 4 replies
    Wall Street Journal ^ | 19 July 2010 | Margit Feher
    BUDAPEST (Dow Jones)--Hungary's talks with the International Monetary Fund and the European Union broke off Saturday as the government refused to implement fiscal austerity measures to reach this year's budget deficit target, Economy Minister Gyorgy Matolcsy said Sunday."We said that further austerity measures cannot be carried out...That's the problem that we are in the fifth year of austerity measures, that's why we are where we are," Matolcsy said in an interview on private television channel HirTV.The IMF and EU walked out Saturday from their latest review of Hungary's 20 billion Euro credit line that would allow the country to draw...
  • Cyprus police arrest suspect in U.S.-Russia spy case

    06/29/2010 5:19:16 AM PDT · by Tailgunner Joe · 7 replies · 1+ views
    Reuters ^ | June 29, 2010
    (Reuters) - A man suspected of being the 11th member of a U.S. spy ring allegedly working for Russia has been arrested and released on bail in Cyprus, police said on Tuesday. Robert Christopher Metsos, 55, was arrested at Cyprus's Larnaca airport as he tried to leave the island for Budapest early on Tuesday, police said. A magistrate released Metsos on bail of 20,000 euros ($24,410) bail to reappear in court within 30 days, when an extradition hearing will start. "Based on the (Interpol) red notice we received, he is wanted for money laundering and espionage," police spokesman Michalis Katsounotos...
  • Hungary, Despite Comparisons, Is No Greece

    06/06/2010 4:13:06 PM PDT · by Erik Latranyi · 72+ views
    The NY Times ^ | 6 June 2010 | Landon Thomas, Jr
    By the numbers, Hungary is not Greece. Its budget deficit is about one-half that of Greece. It lies outside the euro zone and so could, if pressed, lift exports by devaluing its currency, the forint. Most crucial, it is in the midst of an economic overhaul with the International Monetary Fund and can call upon an additional $2 billion if needed. But that did not prevent the politically charged comments made last week by senior Hungarian officials from sending world markets into a tailspin on Friday. The reason, perhaps, is that the newly elected center-right prime minister, Viktor Orban —...
  • U.S. Jobs Report Compounds Europe's Woes. Hungary facing Greece-like sovereign-debt crisis

    06/04/2010 12:04:16 PM PDT · by SeekAndFind · 1 replies · 183+ views
    Wall Street Journal ^ | 06/04/2010 | By ISHAQ SIDDIQI And ANDREA TRYPHONIDES
    European shares fell Friday, hit on two fronts after Hungary reignited concerns about debt in Europe and the U.S. reported a disappointing reading on the job market. The euro sank, with traders citing official comments on Hungary's woes and rumors of derivative problems at Société Générale. "We won't comment on market rumors," a spokeswoman for France's third-largest bank said, adding, "if we had something to say, we would have said it." Its stock fell 7.6%. HSBC Bank caused jitters with a research note to clients in which it downgraded Europe excluding the U.K. to "underweight" from "neutral." "There remains too...
  • Wall Street tumbles on jobs data, European worries (Hungary, next debt-ridden nation to go 'Greek'?)

    06/04/2010 11:14:09 AM PDT · by NormsRevenge · 9 replies · 294+ views
    Reuters on Yahoo ^ | 6/4/10 | Leah Schnurr
    NEW YORK (Reuters) – Stocks sank on Friday after a disappointing May jobs figure, while investors were spooked by the possibility of another debt crisis, this time in Hungary. Data showed the U.S. economy added fewer-than-expected jobs last month, with a large portion of those being temporary hirings for the U.S. Census. "There's no other way to describe it except flat out disappointing," said Mike O'Rourke, chief market strategist at BTIG LLC in New York. "Once you get beyond the Census numbers, it was abysmal." The drop of more than 2 percent in stocks follows Wall Street's first back-to-back advances...
  • European Stocks Down; SocGen Slides (Hungary Next)

    06/04/2010 5:07:07 AM PDT · by C19fan · 1 replies · 209+ views
    Wall Street Journal ^ | June 4, 2010 | Ishaq Siddiqi and Andrea Tryphonides
    European stocks turned lower as concerns about the health of the region reemerged following some bearish comments by leading investment banks, prompting fears that an economic recovery may be derailed. The euro sank, with traders citing official comments on Hungary's woes and rumors of derivative problems at Société Générale. The bank declined to comment, but its stock was recently down 6.5%.
  • The Next Greece? It's Hungary

    06/03/2010 9:29:10 AM PDT · by mojito · 10 replies · 463+ views
    TheStreet ^ | 6/3/2010 | Win Thin
    An election in a debt-laden European country brings in a new government, which then proceeds to claim that the previous government hid "skeletons" in the closet and masked the true depth of its fiscal problems. Greece? No, Hungary. In case the parallels were too subtle for the market, Lajos Kosa, the deputy chairman of the incoming Fidesz party, warned that Hungary has a "slim" chance of avoiding a Greece-like situation. Although he may be indulging in a bit of hyperbole, we do note that Hungary's fundamentals are among the worst in Europe, the Middle East and Asia, with an external...