Article
Hungary In Trouble - Incompetence Or Swindle?
It has all started with what looked liked a stunningly stupid 'stabilization plan' announced by the Hungarian government, led by (now former) president
The announcement was about releasing the peg that had been long fixed at 0.0101 and targeting HUF to a rather unrealistic 0.04 Gold value. It also consisted certain 'recommendations' for both prices and wages, and something that was apparently intended to be the reasoning behind : "It is necessary for the development of the economy, they should continue to print money." (?). "Currency Exchange" by vbftw , (http://translate.google.com/#hu/en/ )
All hell broke loose immediately. While employers were hastily cutting back wages and job offers to adjust to new realities, prices started to skyrocket, and wild speculation opened the bid-offer spread of the HUF (which had been around 1-1.5% before the move) to 150-200% at times - with a volatility hardly seen before.
An Insider Job?
The whole affair looked like, quacked like and walked liked a fradulent scheme from the very start. Since all monetary market offers outstanding had been bought up within an hour before the country org released the peg, accusations were focused on a few 'speculators' cashing out on the previous massive buy-outs. Nagy Magyar (former AMDG) CEO
The government also had had their supporters, importing vbftw's "stabilization' rhetorics, and criticizing communication only , but the failure turned out to be so apparent, that it has led to a series of impeachment proposals - the fourth of which got finally passed by the legislature. Apparently the other candidate,
Presidential Hands Clean Or Dirty?
It wasn't until around DC today that the first direct claim against vbftw was made. President of South Korea and CEO of industry giant KRA KRA
Vorph
29-04-2013 22:35:16
(12 hours ago)
The whole thing was a scam from the very beginning. Vbftw bought out the org offer with his own gold instead of simply re-pegging with it. He was fined 300G for doing this (the potential profits that would be made if the peg had actually stuck). When it became clear that there was no way that was ever going to happen, he weaseled out of the fine by undoing the transaction.
Former president vbftw has so far failed to comment on the accusations. He published another announcement using the newspaper of the Hungary Org instead, a remarkable notice given that he reaffirmed his intention to "remain the president" - hours after he had been impeached by the congress. He also insist on going on with his 'stabilization plan', what he says will be financed by the 1500 Gold loan he had just borrowed from Hungary's current arch-rivals, Poland.
Fixing The Peg Expected Priority For New Presidency
Whomever Hungarians (congress first, them voters on 5 May) may elect, his most important duty will be stabilizing the currency (after it had been completely destabilized in contrast to stabilization rhetorics of the govt now swept away by public uproar), and getting the Hungarian economy back on track. A huge challenge, given that the treasury must be empty by now, wages and prices are roaming up and down following the ever-changing bets of both speculators and captains of industry forced to speculate, and the future of the county's leadership seems to be completely unpredictable.
UPDATE AT 1205 GMT: A couple of minutes ago Hungary Org restored the peg by massive buy-outs on the Gold side and putting on an offerr of 40k HUF at 0.0101.
UPDATE AT 1255 GMT: All 80k offered by the Hungary Org are either sold out or withdrawn, HUF/Gold is now at 0.0145
UPDATE AT 1445 GMT: President Elenagon addresses investors
UPDATE DAY 249: The peg was released once again. Though there are no dramatic buy outs on the Gold side, HUF got ~34% more expensive in a day.
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