Hungary's economy is approaching "meltdown," analysts warn, adding another financial crisis within Europe and raising concerns about more extreme populist moods gaining ground.
The forint, Hungary's currency, has been spiraling downward. The "_self" European Commission says the nation is expected to have the lowest growth and highest debt in 2012 among the former Soviet satellites Eastern Europe.
But a deeper concern among European leaders familiar with the continent's history is the effect of prolonged low wages – or no wages at all – on ordinary people. Such conditions breed unrest, populism, extreme nationalism, and hatreds. The effect can be an undermining of social and democratic health, especially in states or regions of Europe like Hungary with a relatively shallow history of rule of law.
For more: As economies teeter, leaders in Europe warn against extreme populism - CSMonitor.com
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