What the hell is going on in Hungary?

[randomness]

I've been meaning to ask this question for a few weeks now, but I've been waiting for more information to provide clarity. That clarity not being forthcoming I'm now asking anyhow.

http://fistfulofeuros.net/afoe/from-here-to-eternity-hungarian-style/

http://creditbubblebath.blogspot.com/2012/01/hungarian-hot-pot.html

(the author of the second piece comments in the first:

I don’t see a constructive outcome without Orban willfully sacrificing himself in the national interest by stepping aside. If he wants to stay put he has the ability to so and could always tap the FX reserves for short term funds. I think there is a pretty meaningful chance that this gets bungled messily. Trusting in politicians to do the right thing has been a dangerous belief to hold for some time now…

Crazy.

Comments

[r-ness.livejournal.com]

the Prime Minister's "oh, shit" moment, when he discovers that when you need to borrow, "he who has the gold makes the rules"

Worse yet, apparently the Prime Minister started out by telling the IMF to buzz off. This turned out to be a bad idea, now that he needs their money and all.

From that article in A Fistful of Euros:

Leaving aside the long list of recent grievances, it was Hungary who decided to walk away from the IMF in the first place, suggesting it could manage quite well on its own, thank you very much, so the Washington based lender is now hardly likely to welcome the country back as some sort of long lost prodigal son.