The new center-right government in Hungary is telling the IMF and the world that the former, socialist government left Hungary in even worse fiscal shape than suspected. They may be exaggerating as a bargaining tool with the IMF, but there is no doubt that the prospect of another bankrupt country is scaring world markets.
In the US most of the "new employment" created in May were temporary positions in the Census Bureau, a further sign on this side of the Atlantic that Obamanomics isn't working.
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