Hungarian ruling party condemns ECB ‘pressure' on behalf of foreign banks

Danube in Hungary

Hungary's ruling party, Fidesz, has reacted angrily to concerns raised by the European Central Bank (ECB) over retroactive changes to foreign exchange-denominated loan contracts in the country, accusing the ECB of trying to influence government policy on behalf of foreign-owned banks.

Hungary consulted the ECB over the legal changes, aimed at relieving the burden on households who borrowed in foreign currencies prior to the financial crisis to benefit from lower interest rates, and who have

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