Meet The Latest European Contagion Casualty: Hungary

If you are wondering where the latest bout of Euro weakness is coming from, look no further than long-forgotten Eastern Europe. From Bloomberg: "Hungary’s forint weakened against the euro, erasing earlier gains after reported deputy chairman of the ruling Fidesz party, Lajos Kosa, said that the country has a “slim chance to avoid the Greek situation” and that the new government’s primary objective is to avoid a sovereign default." It is rather amazing how long Eastern Europe has managed to squeek through the cracks. Will Hungary be the first rerouting of the PIIGS crisis into this latest European market. This means that another under the radar player, Austria, is about to get whacked big.

h/t David