If Austrian banks falter in the coming months could we see a financial Anschluss with Germany coming to the 'rescue'? Then Germany could, along with the solvent Nordic nations, break away from the current Euro and form a 'AXIS Euro', leaving those on the old Euro to circle the drain of history?
Credit agency Moody's has cut Hungary's debt rating to below investment-grade, citing high debt levels and weak growth prospects.
Moody's also cited uncertainty about Budapest's ability to meet fiscal goals as justification for cutting the debt one notch - from BAA3 to BA1.
The government said Friday's move was part of a series of "financial attacks against the country".
Last week, the Hungarian government announced it would seek a financial safety net from the European Union and the International Monetary Fund, but no new loans.
Reaction to the Hungarian rating cut has led to other Central and Eastern European currencies to sell at a lower rate, adding to a wider risk aversion as the eurozone debt crisis is threatening to spill onto the region's banks.....read on
From: Euronews | Nov 25, 2011