Hungarian officials are attempting to distance themselves from Friday’s economic statements regarding the “Very Grave Situation” in Hungary. Please consider Hungary Backtracks on Talk About Default.Hungary’s government on Saturday tried to calm investors and distanced itself from earlier comments by officials claiming that the country was close to defaulting on its debts. State Secretary Mihaly Varga, a former finance minister, described talk of a default ”exaggerated … and …

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Hungary Tries To Calm Markets; Europe Headed Back in Recession, US Will Not Decouple