WHEN AN OBSCURE Budapest newspaper reported in mid-October that three “not small” foreign-owned banks were considering pulling out of Hungary, it prompted a surprisingly vigorous response. Head offices from Brussels to Turin hurried out press statements in which the words “commitment”, “strategic” and “long-term” featured heavily. A couple even found time to call Euromoney and ask for interviews with senior management to be pulled, so sensitive had the issue become.
The problem was that the story, although unsubstantiated, was all too believable.
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