EUR-HUF exchange rate on 3 and 6 months and one year bases. 

Source: MNB, Central Bank of Hungary

The "Bush tax cuts," passed in 2001 and 2003, remain the single largest
cause of America's structural deficit -- that is, the deficit not caused
by the collapse in tax revenue when the economy goes into recession.

Those cuts are set to expire this year. 

I understand the fear that this is not a good time to raise taxes. But
the impact of marginal shifts in tax rates on growth is pretty unclear.

Ahead of Hungary’s municipal elections scheduled for October 3, the center-right government’s communication seems once again aimed at scoring points with the local public even at the expense of losing them in international relations.

The Wall Street Journal, 9 August, 2010

Hungary may be unable to raise sufficient funds on financial markets in 2011 if global conditions deteriorate and the government fails to extend its International Monetary Fund program, according to Citigroup Inc. (5 August, 2010, Bloomberg)

• The Wall Street Journal created a summary of the immediate responses from analysts to the sudden breakdown of negotiations between the IMF and the new Hungarian government.

THE LAST TIME he served as Hungary's prime minister, Viktor Orban made himself a persona non grata in Washington...

Among the first acts of Mr. Orban's new government was a law granting passports to ethnic Hungarians living in other countries.

The passport measure might be dismissed as symbolic. But a second major initiative of the new government -- an attempt to impose sweeping new controls on the media -- is not.

A massive wave of borrowing will start cresting this year when the U.S.
and European governments sell an estimated $4 trillion in new bonds. The
surge will course through the world financial system for several years
as countries, corporations and banks borrow record amounts of money to
repair the damage from the financial crisis and pay back loans from the
boom that preceded it.

The German Der Spiegel's graphics on the crisis of the euro-zone.

PRAGUE—The new Czech central bank governor said uncertainty surrounding
the euro zone in the wake of the Greek debt crisis is so great that
there is no point considering adopting the common currency for now and
expressed serious reservations about possible new Europe-wide
regulations.

Full article (as of 10 July 2010)

Excerpt, for full text see attached pdf.