Yesterday, the EU invoked an obscure clause in its governing treaty to save Hungary’s capital markets from collapse.
So how did Hungary go from post-Communist golden child to Argentina of the East? Low interest foreign credit cards, in part. Like freshmen on a college campus, Hungarians signed up for foreign credit like it was going out of style.
FYI: Bulgaria has a similar problem. But the EU is all out of bailout money.
If you're interested, here's a primer on "The rise and fall of Hungary…"