Misers, Moratorium & Countess
Like misers in their closets, each little Central European government was trying to hoard its currency last week. Hungarians, always drastic and dramatic, were first to declare an actual "transfer moratorium." In Budapest handsome blond Baron Frederick de Koranyi (who in ornate Magyar costume on State holidays makes Magyar ladies' eyes dance) issued the Hungarian moratorium decree as Minister of Finance. It provides that for the next twelve months:
1) Payments to foreign holders of some two-thirds of Hungary's long-term bonds...