Hungary Determined to Avert Greece-Like Crisis

Following the remarks by a senior official's warning that the country is on the brink of facing a Greece-style fiscal meltdown, Hungary's new Government has failed miserably to calm the financial markets.

The remark made by Vice President of the Fidesz party, Lajos Kosa, said that Hungary is in a Greece-like sovereign credit crisis. Following the remark the currency of Hungary collapsed and the euro also came under extreme pressure.

However, no comments were made by the spokesman for Prime Minister, Viktor Orban as in the wake of the remark.

Spokesman Peter Szijjarto said that the new Government was committed to prevent a Greece-like crisis, however claimed that Hungary was in a severe situation.

Mr. Szijjarto said that, "The Government is ready to avert the Greek road. There is nobody in the country apart from the previous Government who still says the budget deficit of 3.8% of gross domestic product can be reached".

Warnings that the budget deficit could widen than previously assumed, a dire need for reforms in the Hungarian economy were evident

But the remarks from Mr. Szijjarto did little to calm the fears in financial markets, where the investors were concerned that the new Government might soon announce worse news from Hungary's Treasury.

In the wake of the conflicting signals, economists were also left confused about the financial stability of the country.