Szántó Tamás: Adósság és rendszerváltás. In: '89 rendszerváltozások Kelet-Európában : konferenciakötet, (5). pp. 22-32. (2010)
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Abstract
How much burden does the current generation have to bear due to the floating debt created by the former power structure? When and why did that huge amount of debt start in the first place? It was already in progress at the time of the '56 revolution, and with forced industrialization, it sped up. But because of the government's squandering, which was specific to that age, and the wide range of inappropriate investments, the loans were depleted quickly. The situation is best illustrated by the following example: Hungary, a country famous for its agricultural products and capabilities, bought crops from the USA. In order to satisfy the country's needs, which the Soviets weren't able to comply with, the government started to purchase western products, from credit. The Oil Crisis of '73 made new kinds of credit possible, and one thing was common among them: the terms of their conditions were loose. The debt became huge, and after '79, further funds weren't available. From that point onward, we were caught in a debt trap. We had to take credit if we were to pay back the previous ones. Additional problems emerged, and the economy showed a tendency to decrease. And of course, as a socialist country, we couldn't afford to make cuts in the people's welfare: taking further money would have been on the horizon if the socialist system had continued. Because of Polish martial law, trust in the region disappeared. The country was on the brink of economic disaster. In the words of Havasi: „If any of the banks had phoned us saying, 'Please pay back your loans because we don't trust you anymore,' we would have been done." Eventually, joining the IMF and receiving its granted credit, saved the economy. We played the role of the first socialist country to join such an organization. Through our example, others could see how they would be treated by the Foundation. Of course, such a state of affairs couldn't have lasted forever. The IMF tied further credit to economic reforms, which were later issued as the very own policies of the government. Paralelly, as the dollar was losing its reliability, the credits were becoming threatened.
| Item Type: | Book Section |
|---|---|
| Other title: | Credit crunch and transition |
| Journal or Publication Title: | '89 rendszerváltozások Kelet-Európában : konferenciakötet |
| Date: | 2010 |
| Volume: | 5 |
| ISSN: | 1586-8036 |
| Page Range: | pp. 22-32 |
| Series Name: | Szakkollégiumi füzetek |
| Language: | Hungarian, English |
| Event Title: | Konferencia a rendszerváltozásokról (2009) (Szeged) |
| Related URLs: | http://acta.bibl.u-szeged.hu/37407/ |
| Uncontrolled Keywords: | Politikai változások - Kelet-Európa - 1989 |
| Additional Information: | Bibliogr. a lábjegyzetekben ; összefoglalás angol nyelven |
| Subjects: | 05. Social sciences 05. Social sciences > 05.06. Political science 06. Humanities 06. Humanities > 06.01. History and archaeology |
| Date Deposited: | 2016. Oct. 15. 11:11 |
| Last Modified: | 2022. Jan. 19. 11:04 |
| URI: | http://acta.bibl.u-szeged.hu/id/eprint/5580 |
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