Europe's Debt Debacle: This Time It's Hungary!

Hungary is on the verge of national insolvency today. The Dollar is surging, and despite the ECB's pledge to defend the Euro, the currency has dropped through support at about $1.2150.

Euro -- fallen through support

US Dollar -- surging on fresh European debt worries

June 4 (Bloomberg) -- Credit-default swaps on sovereign bonds surged to a record on speculation Europe’s debt crisis is worsening after Hungary said it’s in a “very grave situation” because a previous government lied about the economy.