Forint Hits Record Low as Default Swaps Soar on IMF Aid Concern
This article is for subscribers only.
The forint dropped to a record low against the euro and credit default swaps reached an all-time high after Citigroup Inc. said an International Monetary Fund deal is unlikely in the next six months.
The forint fell to 321.1 against the European common currency at 5 p.m. in Budapest. The previous record was 317.92 on Nov. 14. The cost of insuring Hungarian bonds using credit-default swaps climbed to a record 708 basis points from 650 yesterday, data provider CMA said.