Consumer Spending Still Ropy In Central European Underperformer

With retail sales contracting for a 40th consecutive month in July 2010, private consumption weakness shows little sign of letting up in Hungary - reaffirming our long-held view that household spending will be the straggler in its economy. Our Europe teams believes a very large stock of outstanding debt held by the private sector will continue to afflict consumption over the next couple of years, which will weigh down on demand for high-margin

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