Hungary’s Top Court Rejects Voiding $17 Billion in Loans
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Hungary’s top court sent the forint and banking stocks soaring by ruling that judges must refrain from voiding $17 billion in foreign-currency denominated loans.
The loans are “neither invalid, immoral or usury” because of the fact that borrowers must bear the exchange-rate burden, Judge Gyorgy Wellmann of the court, known as the Kuria, said today in Budapest. Its decision is binding for lower courts.