The IMF has today reportedly been in close dialogue with the Hungarian government to provide "technical and financial support" to Hungary if needed. We urge great caution on CEE markets going forward. Hungarian rates and yields skyrocketed on Friday on worries about the state of the Hungarian financial sector. 10y Hungarian bond yields jumped to a nine-year high of 10.78% and credit default swap (CDS) spreads on Hungarian sovereigns widened markedly - and there is not much relief today.
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