Sandor Kepiro is 97.
He has been arrested for 'complicity' in the murders of several people in Novi Sad, Hungary, in January 1942 when Hungary was an ally of Nazi Germany.
January 1942 was more than 69 years ago.
Really, this nonsense has to stop.
Showing posts with label Hungary. Show all posts
Showing posts with label Hungary. Show all posts
05 May, 2011
30 October, 2008
EU: now a bank?
With all this money slooshing round the world, and an IMF bailout of Hungary, it would be easy to miss the news that the EU has lent the country €6.5bn. This has been done under a little known clause in the governing treaty.
I am disturbed about this. Note that it was not the European Central Bank which made the loan. It, under its charter, is not allowed to do so. So the bank declined but the bureaucrats decided to go in: which department? What sort of analysis was done and by whom? They say they will issue bonds to cover this but who is on the hook for it (guess)? Did the various governments in the council of ministers approve it? What conditions, political and economic, apply?
We should find out what we can. This may be a disturbing new development (you can bet your boots that quite a few of the others will be after the moolah when they get to hear about it). It means the EC has got its fingers round another throat, at our expense.
I am disturbed about this. Note that it was not the European Central Bank which made the loan. It, under its charter, is not allowed to do so. So the bank declined but the bureaucrats decided to go in: which department? What sort of analysis was done and by whom? They say they will issue bonds to cover this but who is on the hook for it (guess)? Did the various governments in the council of ministers approve it? What conditions, political and economic, apply?
We should find out what we can. This may be a disturbing new development (you can bet your boots that quite a few of the others will be after the moolah when they get to hear about it). It means the EC has got its fingers round another throat, at our expense.
27 February, 2008
Hungary and the euro
Hungary has floated its currency, the Forint. The accompanying statement said that this would help towards the goal of joining the Euro.
So, let’s see if we can understand this. As part of its approach to ‘full’ membership, Hungary had fixed its exchange rate against the euro. It liked the idea of fixed exchange rates. Then to help it...er...fix its value to the euro it decouples, preferring floating exchange rates as a means to ...er...fixing them again. The truth is it can’t hold on at these high exchange rates.
Hungary’s is a developing economy: high growth (or supposed to be), high inflation. The last thing it needs is to fix its currency to the mature economies of Europe. Its growth will come from its cheap labour manufacturing and exporting low value low tech items. Like China. Does it think China would have fixed its currency to the euro as it rose against the dollar?
It’s like watching someone walk slowly towards the cliff edge with their eyes bandaged.
So, let’s see if we can understand this. As part of its approach to ‘full’ membership, Hungary had fixed its exchange rate against the euro. It liked the idea of fixed exchange rates. Then to help it...er...fix its value to the euro it decouples, preferring floating exchange rates as a means to ...er...fixing them again. The truth is it can’t hold on at these high exchange rates.
Hungary’s is a developing economy: high growth (or supposed to be), high inflation. The last thing it needs is to fix its currency to the mature economies of Europe. Its growth will come from its cheap labour manufacturing and exporting low value low tech items. Like China. Does it think China would have fixed its currency to the euro as it rose against the dollar?
It’s like watching someone walk slowly towards the cliff edge with their eyes bandaged.
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