Layoffs in Hungary

Following last Friday's announcement that over 3,000 jobs are to be axed in Hungary's automotive industry the liberal newspaper Népszabadság comments on the economic crisis: "Little did we imagine when US investment bank Lehman Brothers went bankrupt that just over two months later more than 3,000 people would lose their jobs here in Hungary. ... The economic crisis is by nature unstoppable. ... The second wave of the crisis has now spread to our region. ... Over the past 15 years Central and Eastern Europe has developed into an XXL Detroit on the global map of the car industry. As long as the car market was booming this was a cause for joy. The sudden downturn in sales is now dragging the whole economy down with it. Hungary's economy literally depends on its engines: Once they start spluttering there is nothing that can replace them within a short period of time."

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