Beware the demise of the Hungarian forint

Guest contributor – Tolani Benson (Financials/Sovereign analyst, M&G Credit Analysis team)

Hungary has a substantial amount of debt outstanding – the IMF estimates levels were around €75bn at the end of last year, corresponding to 74% of GDP. Its local currency debt makes up a decent proportion of emerging market indices, constituting a not insignificant 4.6% of the widely used JPMorgan GBI-EM …

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