Hungary Government Could Weigh New Personal Bankruptcy Law

Hungary's government is open to discussions of a new law on personal bankruptcy if the junior governing Christian Democrats propose it to Parliament, Prime Minister Viktor Orban's Chief of Staff Janos Lazar told a press conference on Thursday, Reuters reported. Lazar added the new legislation, if passed, could affect 100,000-150,000 private borrowers who have run into trouble in the central European country. Hungary last year moved to convert hundreds of thousands of foreign currency mortgage loans into forints and forced banks to repay to borrowers billions of euros worth of charges that the courts and Parliament had deemed unfair. Nearly all of Hungary's banks were forced to swallow big losses last year as a result. Read more.
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