March 6th, 2013

Government considering new bailout of forex debtors

The Hungarian government is seeking a solution once and for all to the problems of borrowers indebted in Swiss francs, the daily Magyar Nemzet said on Wednesday.

Among solutions being considered is conversion of the Swiss franc denominated loans to forints or euros, the paper said.

The economy ministry has drawn up several plans, including one which envisages cooperation between central bank chief Gyorgy Matolcsy and the governor of the Swiss National Bank, Thomas Jordan.

The Economy Ministry, with its new head, Mihaly Varga, is in talks with bankers about a solution, but the latest meeting has been postponed due to a lack of clarity about definitions of a foreign-currency loan, which can take several forms.


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