Financial Crisis Hits Hungary Hard

Budapest, Hungary (AHN) - The world's economic woes are hitting Hungary doubly hard, as heavy debt and a crumbling currency is hurting both the morale and wallets of average citizens.

Both the government and its people, who grew accustomed to financing their spending on the back of foreign loans, are now paying dearly due to soaring debt payments.

The Hungarian currency, the forint, has dropped a double-digit percentage in value compared to the euro and the Swiss franc.

Credit has also dried up, public spending and confidence are down and Hungary's stock index has dipped nearly 40 percent in a month.

Unfortunately, as other Eastern European nations around it also struggle, the downturn in Hungary's economy is also likely to continue.