No boom foreseen by Atradius for next year

Forecasts predicting a boom for 2010 are not considered to be reliable by Atradius. The credit insurance company expects recession to continue in 2010 as well. According to their country analysis, the unfavourable financial environment and continuing recession in the EU are the factors representing the greatest potential risk for Hungary. Any devaluation of the HUF is likely to boost financing risks in trade and may even lead to a boom in insolvency. A two-threefold increase in default has occurred since last October. Not even the IMF funds are regarded as an absolute guarantee for maintaining the solvency of the country. We should also be reminded of the fact that international reserves will probably be down to less than two months’ import by the end of 2009.