Hungary 's credit downgrade hidden behind U.S. but could have wide repercussions . The country has low unemployment but is exposed to financial risk in Austria and Hungary . As in the Italy and across Europe there is fierce debate over balancing tax increases and spending cuts to reduce the deficit . Opposition parties say the government has been slow to act -- knocking investor confidence . Some economic historians believe it was a banking failure in Austria that triggered what would become known as the Great Depression .
Hungary 's credit downgrade hidden behind U.S. but could have wide repercussions . The country has low unemployment but is exposed to financial risk in Austria and Hungary . As in the Italy and across Europe there is fierce debate over balancing tax increases and spending cuts to reduce the deficit . Some economic historians believe it was a banking failure in Austria that triggered what would become known as the Great Depression .