Hungarian Bank Alliance Pledges To Defy Bank Tax, EcoMin
- 22 Sep 2010 1:00 AM
"Anonymous sources in a Monday report of left-leaning daily Nepszava claimed that the Hungarian Bank Alliance (BSz) plans to torpedo the controversial bank tax proposed by Economic Minister Gyorgy Matolcsy (pictured), insisting that the solution to sustaining budget deficit targets in 2011 lies elsewhere.
BSz claimed the HUF 200 billion burden on the financial sector will reduce crediting activity and could even plunge more than 80 percent of the financial institutions into deficit. This could result in credit downgrading, the sources claimed, leading to the relocation of the branches by the mother banks."
By Andras M. Badics, published on XpatLoop.com with the permission of BudapestReport.com
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