by Calculated Risk on 6/06/2010 06:20:00 PM

Here is the weekly summary and look ahead.

The furious backpedaling continues ...

From the WSJ: Hungary Seeks to Reassure Lenders and Investors

Hungary's new cabinet huddled in an emergency session over the weekend to devise an economic plan aimed at restoring confidence in the nation's creditworthiness, as the government backtracked on officials' earlier comments that the country could default on its debts.

From Reuters: Analysis: Hungary faces struggle to regain trust of markets

Hungary is likely to take months to regain the trust of financial markets after politicians in its new government made controversial comments ...

The euro is down to 1.1956 dollars.

This makes me think of Gilda Radner: "Never mind".