Tag Archives: financial

Hungary and the loan: massive

I have written the other day about the special loan(s) offered to Hungary to fight the financial crisis. Now I finally managed to find numbers about the size of Hungary’s budget to put things into perspectve. And it made me speechless. The annual Hungarian state budget has a size of around 50 bn Euro (s. their national office of statistics). Now with a loan of around 20 bn Euro (plus the extra 5 bn from the ECB) this counts for 40% of Hungary’s budget. Have I ever seen anything like that?!!!

Hungary, you have a problem.

(Wo)men and the financial crisis

By far the best comment (or shall I say analysis?) about the current financial crisis was in today’s Financial Times (on page 1 and 21). The headline of the article reads “Iceland calls in women bankers to clean up ‘young men’s mess’“. The article goes in quoting “one government official” (from Iceland) saying “It’s typical, the men make the mess and the women come in to clean it up”.

Hilarious! – And so valid. Is it really so surprising that banks have gone where they are given their their male-led macho behaviour? Other industries have already understood that a bit of diversity (do not mention equality!) might also do the financial institutions some good. Maybe now more than ever is the time to copy the Norwegian example of a 40% male/female quota for board rooms in publicly listed companies? If the mess continues, some male bankers shall be happy to have at least a 40% representation 🙂