Hungary’s future government will have to reveal to the public the state of the economy after the upcoming elections, head of the main opposition Fidesz party Viktor Orban said in Budapest on Thursday.
Addressing a meeting of the European People’s Party parliamentary group leaders, Orban said that Fidesz is ready to restore Hungary’s respect and prestige, which, he said, had been lost in recent years. A month or two after the elections, the truth will have to be told about the real state of the economy, he said.
“We will have to do this in Greece’s shadow, but in a way to save what little is left of our reputation,” Orban said.
Fidesz is aware of the “delicate dilemma” at hand but recovering Hungary’s reputation must not be based on lies, he added.
Orban said Europe has no other choice but to overcome the crisis of capitalism which requires supporting work and fighting speculation. Priority must be given to “productive capitalism” as against “financial capitalism”, which should be strictly regulated, he said.
Orban called for a social-market economy, which gives preference to labour and production.
He said increased emphasis must be placed on promoting small and medium-sized enterprises and family businesses. Banks must be forced throughout Europe to finance production instead of speculation, he added.
Responding to Orban’s remarks, Attila Mesterhazy, the prime-minister candidate of the ruling Socialists, insisted that Fidesz must have gained a clear picture about the real state of the economy since all details have been released.
While I agree with Orban, that the gov’t should
reveal the true situation, I wonder how it is that
western pundits never seemed to notice in the past
the disconnect between reality and what they were
happily investing in. While noble, the truth is,
currently, the City of London doesn’t know any
better so why come clean?
Whether honest or not, the legacy of Greece has
taught ECB it would do well to be cautious and
question the next currency that wants to convert to
EURs, as a mistaken invitation can be expensive for
the host.
Greeks will never swallow a 10-year austerity package to enable them to break loose from massive national debt.
France and Germany will have to pick up the tab at some stage in order that Greece does not default and send the good old euro into freefall.
This is the cost the mighty German and French people will have to bear for introducing a currency (the euro) which should have been scrapped a long time ago.
The German chancellor, Angela Merkel, is starting to hear the rumblings of discontent among the German people and it will not go away.
Portugal is on the brink of collapse and Spain has 25% unemployment and is heading in the same direction as the other failing European countries.
WARNING: Germany – WATCH OUT…your own economy is not that secure, either.
Drachma, peseta, etc. Bring ‘em all back and restore sanity.
The brass washer euro is a huge mistake that will, eventually, cause the downfall of the over-subscribed European Union.
Drachma, peseta, etc. Bring ‘em all back and restore sanity.
The brass washer euro is a huge mistake that will, eventually, cause the downfall of the over-subscribed European Union.
eurosceptic at March 6, 2010 12:14 PM
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Given they way how the Greek Government cheated with its balance, why would the name of the Greek currency matter?
The only difference is that the Greeks are a bit protected now by the Euro
If the Greeks would have stayed with the Drachma, who would give them even a filler?
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What ‘eurosceptic’ misses to understand is that not the Euro created this crisis, the artificially blown up economy was the cause of it, regardless the currency
Sweden had its fair share of the financial problems, but they had not cheated with their books, so it was no hidden effects, just all banks had a hard 6 months. The people still have a hard time though, then the companies are not really employing yet
Viking is correct – without the Euro, Greece would be bankrupt, the Drachme would be worth zero, some banks and insurance companies who bought Greek state papers would go bust and so on …
Maybe a few more tourists would come because then holidays in Greece would be cheaper, but would that really help ?
Look what happened to the mighty British Pound some years ago …
Missing the point as per usual, Viking.
It is the one size fits all brigade i.e. the federal mentality that wants conformity in every
area of Europe from cucumbers, bananas, currency,
and, perhaps next, uniformity in behavioural patterns.
I agree that the Greeks would have been bankrupt
irrespective of what currency they used.
But It should be a “Greek” problem, and not an w E U problem because they share the same currency. Let the Greeks suffer the same hardship as the UK had to for ten years.
The pound still is a recognized currency and the problems it had some years ago was down to an ill-advised flirtation with the Exchan Rate Mechanism.
To blame was the arrogant and useless chancellor:Norman Lamont. If you think that Spain, Italy, and Portugal have benefited from Euro adoption – I suggest you look at the facts and think again.
The European Union is too big and clumsy. A bit like Wolfi and Viking!
If you think that Spain, Italy, and Portugal have benefited from Euro adoption – I suggest you look at the facts and think again.
The European Union is too big and clumsy. A bit like Wolfi and Viking!
eurosceptic at March 9, 2010 3:10 PM
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Exactly the same problem any big country has
The US Monetary Policy does not suit all States
The Russian Monetary Policy does not suit Siberia and the other regions
Do you think the Chinese Monetary Policy really suits all parts of China?
Of course it does not, then different parts of a big country is not levelled on the same level on unemployment rate, business opportunities, tax income, etc
Do not fool us with that a National Monetary Policy would benefit all in a country
The Swedish Monetary Policy has never benefited the North of Sweden, they never had the business opportunities as the South
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Of course the Greek situation will reflect badly on the rest of the EU, but the Greeks will be severely punished for that, make no mistake about it
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In my book especially Spain and Portugal has enjoyed the EU member ship very much and the Euro is just the logical continuation of that
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Mentioning Italy must be a joke?
When were they ever good in anything?
Except being run by the Mafia?
But I suppose you can supply us with a lot of facts that support your theory?
Adopting a common currency for 16 member states is a hazardous risk at the best of times. If you take on board countries like Greece and Portugal that do not have fiscal policies that relate to the real world this exacerbates the situation.
Greece will undoubtedly suffer but the extreme economic measures that they have to put in place
will cause unrest and controversy.
The German chancellor will definitely come under siege if things deteriorate any further with the Greek economy because of common currency ties.
The Italian way of doing business is unique for reasons too numerous to mention here.
The IMF are being called in to rescue countries left, right, and centre. What are the interest rates?
Adopting a common currency for 16 member states is a hazardous risk at the best of times
ScepticEuro at March 9, 2010 9:45 PM
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Very true and the lesson of this is that Europe need *more* integration, not less
We need to be able to better scrutinise each other (I am being an EU member state here), so we can not avoid cheating, but at least discover it earlier
.
The European Integration sees the Common Currency as the logic continuation to the Common Market
Why should we feed a lot of banks the profits of exchanging different currencies inside the EU?
But as all other projects, there are temporary problems, or even real, problems and they need all to be addressed
And they will all be addressed, more likely late than before sadly, but they will
Sometimes the merry-go-round goes too fast and people want to get off. It is their right and privilege.
France gloats in the background whilst Germany takes it on the chin.
Merkel loves Merkel and just relishes the opportunity to hop from one country to another as the self-appointed leader of the European states.
Greeks eat humble pie. They must, for at least the next ten years. How much humble pie can they buy with the euro?