THIS IS CAPITALISM? WELL, NO
The villas are large and spacious. They're designed in the
latest Italian styles and set in elegantly landscaped gardens. Situated
on Rozsao Hill, on the west side of Budapest, they offer a panoramic
view of the Danube and the rest of the city.
It's here that Hungary's new private entrepreneurs live.
Or rather the lucky ones, who have been able to raise the capital needed
for growth. Getting bank loans is almost impossible. A fund does exist
to finance private ventures.
"But the demand is 100 times what it can provide," said
one Hungarian official. "The private sector still hasn't been
integrated into the state credit system. To expand, small private
ventures have to rely on pooling private resources or waiting for an
inheritance." The only alternative is to borrow money on the black
market at exorbitant interest rates.
So much for the...
