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Euro under pressure again

Amid concerns that the Hungarian economy is on the verge of collapse we saw major sell-off for the euro this morning which hit new lows against major currencies. Many believe that Hungary is on the verge of an economic disaster and will need a bailout similar to that offered to Greece from the European Union. However, there is great concern about the funding for such a bailout.

It seems that every situation which could go wrong at the moment is going wrong for the European Union with concerns over sovereign debt markets, the Greek economy, funding issues, infighting within the European Union and now the Hungarian economy which appears to be on the verge of collapse. Many believe that the smaller members of the European Union are literally lined up like a pack of dominoes and when one falls this will have a knock on effect to the rest.

There is very little else which the European Union can do but offer verbal and fiscal support in these most difficult of times. However, infighting behind the scenes is causing concern about the funding for future bailouts even if issues such as a banking tax have again been brought to the fore.

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