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Hungary close to passing controversial central bank law

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dbt Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-30-11 05:28 AM
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Hungary close to passing controversial central bank law
Source: BBC

Hungary is close to passing a law that critics say could undermine the independence of its central bank.

The ruling Fidesz party, which has a two-thirds majority, is due to approve the constitutional change in the final session of parliament this year.

Ratings agency Standard & Poor's downgraded Hungary's debt to junk status last week, partly due to the proposed changes to the constitution. <snip>

Hungary had been seeking a standby credit line of 15-20bn euros ($19.5bn, 12.6bn) in case it ran into trouble issuing new debt.

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