Budapest to avoid Greek tragedy

Leading with the headline "Orbán unveils action plan," Népszabadságreports on Prime Minister Viktor Orbán's 8 June presentation of measures to satisfy the European Commission and the IMF, and allay doubts over the stability of the forint. The Budapest daily explains that over the last few days confidence in the forint has been shaken by officials in the newly elected government who commented on the potential for a Greek-style crisis in Hungary, raising the spectre of sovereign default. Speaking to parliament, the prime minister presented a 29-point plan, with measures that include a tax on banks, a single rate for income tax, and public spending cuts. Initial reactions to the Orbán plan have been encouraging. According to Népszabadság, "analysts welcomed the package, while the forint rose against other currencies."