Varga: Hungary's CDS spreads below 100 points

Hungary has reached an historic turning point in terms of its sovereign risk assessment now that credit default swap spreads on Hungarian debt have dipped to below 100 points, the economy minister said on Friday. Mihaly Varga told journalists that the positive change showed that Hungary's economy was on the right track. The cost of servicing the public debt is getting cheaper and cheaper and the debt is less and less of a problem for the economy, he said.