Prime Minister Viktor Orban says Hungary is on track to regain its investment grade by reaching an agreement with the banking industry on taxes and lending, phasing out foreign-currency mortgages and trimming the share of non-forint state debt. “We’re indebted to such a degree in foreign currencies that it questioned the country’s true sovereignty and independence,” said Orban. “Every government wanted to reduce this exposure and few were able to succeed, mine is one of them.” He hinted that an agreement on lower bank taxes could be on the way, lowering the pressure on Hungary’s embattled financial sector. He also commented on his move away from a liberal state, claiming that the idea of ‘checks and balances’ had caught on in Europe through laziness. “Checks and balances is a U.S. invention that for some reason of intellectual mediocrity Europe decided to adopt and use in European politics.”
