Hungary Official Says Economy 'Grave'

The Hungarian forint fell for a second day Friday after a spokesman for Prime Minister Viktor Orban was quoted as saying the nation's economy is in a "grave situation."

Even the euro, which fell against most currencies, rose 2% versus the Hungarian currency. The forint traded at 287.22 per euro.

Peter Szijjarto, a spokesman for the Hungarian government, told a news conference in Budapest that a fact-finding committee will present preliminary figures on the state of the economy over the weekend, to be followed by a government plan within 72 hours of the committee report, Bloomberg reports.

The forint is a currency that should be falling since it is very possible that Hungary may attempt to print money to get themselves out of the debt crisis, unlike the PIIGS that don't have their own currency and where the ECB has not demonstrated any desire to print euros to bail out the PIIGS.