Hungary is not following a state capitalism model. It is not the state itself that owns most strategic assets, but businessmen close to the party in power, Fidesz. Continue reading “The Oligarch Model in Hungary By Les Nemethy, CEO Euro-Phoenix M&A Advisors, former World Banker“

At the IMF Annual Research Conference on November 9, 2023, Chair Powell stated: “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance.” Continue reading “Inflation, Deficits and Compounding Debt By Les Nemethy, CEO Euro-Phoenix M&A Advisors Ltd., former World Banker“

The US economy is powering forward with almost 5% GDP growth as per the last measured quarter. Global GDP growth is in the range of 3%. Continue reading “Is the Global Economy reaching a Tipping Point? By Les Nemethy, CEO Euro-Phoenix Financial Advisors Ltd., former World Banker“

Soon after re-election in 2010, Fidesz, the ruling party in Hungary, introduced a new ideology, the National System of Cooperation Continue reading “How Hungary’s Oligarchs destroy Standards of Living for the Majority By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

According to Eurostat’s release dated July 19, 2023, Hungary had by far the highest inflation in the Eurozone—not by a little—roughly triple the EU average and almost double the next highest countries Continue reading “Why is Hungary the EU Inflation Leader?
Inflation as a “Hungaricum” By Les Nemethy, CEO Euro-Phoenix M&A Advisors, former World Banker, and Dr. Peter Akos Bod, Economics Professor, former Governor of the Central Bank of Hungary“

Small and Medium-sized Enterprises (SME’s) are the main generators of wealth and employment in the vast majority of countries. Continue reading “Comparing the SME Sector of Hungary with the Visegrad Four and EU By: Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

GDP growth (hence wealth creation and improved standards of living) are not possible without competitiveness. So the European track record on competitiveness is a genuine cause for concern. Continue reading “Europe’s Declining Relative Competitiveness By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

New regulations on capital requirements for US banks are likely to be announced before the end of June, 2023. Continue reading “The US Fed faces a difficult Decision on Capital Requirements for Banks By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

Germany’s economic miracle over the past few decades has been based on two major economic assumptions: cheap Russian energy and open access to an ever-growing Chinese market. Continue reading “Germany’s Dual Shock By Les Nemethy, CEO Euro-Phoenix M&A Advisors and former World Banker“

There is the possibility of a doom loop between small US banks and commercial real estate. The scenario looks like this Continue reading “Small US Banks and Commercial Real Estate—A Doom Loop? By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

US Government debt has already surpassed the legislated debt ceiling of $31.4 trillion, with the Treasury relying on “extraordinary measures” to stave off default. Continue reading “US Government Default?! By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

I have been writing that we are facing a period of high inflation since long before it was fashionable. Now I believe that on the balance of probability we face an entire decade of high inflation. Continue reading “Some Thoughts on Inflation By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, Former World Banker“

Most readers of this column will have heard of bail-outs (e.g. use of government money to stabilize banks and other financial institutions); few will have heard of bail-ins (e.g. where use depositors’ and bondholders’ funds) is used to stabilize banks. Continue reading “Bail-ins: Are your Bank Deposits Safe? By Les Nemethy, CEO Euro-Phoenix M&A Advisors, former World Banker and Leo Rioufrays“

With the attention of economists and financial analysts absorbed by the banking crisis, other clouds on the horizon are being neglected. I see sovereign default in emerging markets as one of those risks. Continue reading “Pakistan Sovereign Default on the Horizon? By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“

For the past six months, the US Fed has been fighting inflation by jacking up interest rates and tightening money supply to fight inflation. Continue reading “The Fed will prioritize financial stability over the fight against inflation By Les Nemethy, CEO, Euro-Phoenix M&A Advisors, former World Banker“