S&P raises Hungary’s rating. No kidding!

In shocking news, international rating agency S&P actually raised Hungary’s rating from negative to stable. It’s become fashionable to kick the sick man of Central Europe, but the agency (which was similarly pummeled for optimistic AAA ratings a year ago) seems to be rewarding the (doomed) government for a display of fiscal discipline. A tough budget passed over the summer pledged to keep the budget deficit below 4% of GDP. A worse than expected economy could make this a tough promise to keep, however.

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