BBJ EuroClick blog | The Budapest Business Journal on the web

2011-09-16József Péter Martin

There seems to be no solution to the Greek crisis – as yet. Some say Greece will leave the eurozone, which would ease its situation and that of the EU. What is the probability of a Greek secession?

Bad news continues to come from Greece, the most battered country of the eurozone. At the beginning of this week, the risk premium (CDS - credit default swap) on Greek bonds jumped to a new high, reaching 4,700 basis points on Monday. Just to compare: the same indicator for Hungarian securities also reached a two-and-a-half-year high, but still stood at tenth of the Greek premium, at around 470 basis points on Tuesday. In addition, the yield on 10-year Greek bonds soared to 24%, while it went to an incredibly high 70% (!) in the case of the two-year paper.

About the blog

This blog delivers opinions and interpretations on current events about the economy in the context of the EU, Hungary and Central and Eastern Europe. We live in turbulent times; the financial crisis affects all of us and has changed some economic rules and paradigms, as well as those of European integration. Here, you will read intellectually inspiring pieces – you do not necessarily have to agree with every post, but you will probably have your own opinion concerning their topics. Our goal is to make you think about what is happening in the European economy. Hungarians and expats with different backgrounds living in Hungary will be asked to contribute: businesspeople, managers, researchers, journalists, representatives of NGOs, those who have special knowledge in this field. Politicians? We will see. Party propaganda – no thanks; policy issues – why not? If you feel like writing a post, do not hesitate to contact me: martin.jozsef.peter@gmail.com.

About the editor

József Péter Martin was trained at the Corvinus University of Budapest as an economist; he also studied in Leuven (Belgium) and Groningen (The Netherlands). He started his career in journalism at the Hungarian business daily Világgazdaság, then worked 12 years at the editorial office of business weekly Figyelő, where, after several other positions, he was editor-in-chief from 2003 until 2009. Nowadays he appears regularly in the domestic and international media as an economic and EU analyst and columnist. He is author of more than a thousand articles and dozens of studies on economy and politics. In 2010, he co-authored a book on the financial crisis (“Álomcsőd” – The Default of a Dream). He also holds lectures on European studies and economic journalism at the Corvinus University of Budapest. He is a member of the supervisory board of Transparency International in Hungary.