March 23, 2009, 15:45 CET
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Hungarian state lends tycoon money to bet on Russian lottery
News of the Hungarian state's bankruptcy may indeed be premature, because it seems that the publicly-owned Hungarian Development Bank (MFB) has enough loose cash to lend €82 million to a local tycoon - so can buy a lottery company in Russia. According to napi.hu, the MFB is extending mogul Sándor Demján the dough so he can complete his previously announced €200 million purchase of a controlling stake in national gaming firm Orglot.
We'd normally complain about the injustice of using scant public funds to finance a rich man's business empire building, except given how the Hungarian state usually throws money away, a bet on the Russian lottery is probably the best investment we could hope for. Still, seems a little dicey.
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