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For available appointments and bookings please call us on 0036-30-605-4363, 0036-30-294-6023 or the number of the girls.

Jakuzzi and  Sauna   programs       FREE DRINKS

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Moody’s has cut its rating of Hungarian government debt to junk status.

The ratings agency blamed Hungary’s high levels of debt and weak prospects for growth, as well as uncertainty about whether the government can achieve its goals for the economy.

The government said the move by Moody’s was part of a series of financial attacks against the country.

Earlier, Standard & Poor’s decided not to downgrade Hungary until talks with the EU and IMF had been completed.

Last week, the government said it would seek a financial safety net from the European Union and the International Monetary Fund, but no new loans.

The Hungarian economy ministry said the Moody’s downgrade had “no basis because, despite all the external difficulties, in the past year-and-a-half there has been an expressly favourable change in most areas of the Hungarian economy”.

Moody’s cut Hungary’s debt one notch, from Baa3 to Ba1, which is just below investment grade.

Hungary was given a 20bn euro standby loan by the IMF in 2008 to prevent it having to default on its debts.

But the newly-elected Prime Minister Viktor Orban decided not to renew the standby facility last year.

Mr Orban has followed an unconventional policy of allowing Hungarian households to convert their mortgages – which were predominately taken out in foreign currencies, particularly the Swiss franc, prior to the 2008 financial crisis – back into Hungarian forint at the expense of the banks.

At the same time, he has retaken control of private pension assets, to help pay off public debt.

The government has dismissed the views of the ratings agencies, saying that they are biased against Hungary because its economic policies do not favour banks.

First the broad numbers: An index put together by HSBC – with no government input – shows a reading in November of 48. Anything over 50 shows that factories are increasing production, under 50 they are cutting back.

The figure is perhaps not surprising given that China’s two big export regions, Europe and the U.S., are in deep trouble. But it’s not exports that are drying up, it is local demand. And that could be a problem.

Export orders actually grew in November, while domestic demand shrank as a result of all the moves taken by the Chinese authorities over the last 18 months to cool the overheating property market.

Those moves are working, but the consequence of that is less demand for household goods made in China.

Combine the latest manufacturing numbers with the news earlier this week that the level of property transactions have slowed sharply and the Chinese economy is in retreat on two key levels.

Does it mean a so-called “hard landing” for the Chinese economy, where growth collapses and recession takes hold? Very unlikely.

The numbers do bring forward the possibility of action from the central authorities to boost growth, but don’t expect a “big bazooka” approach for China. It’s much more likely to be some smaller moves targeting specific industries and sectors.

At the moment, the figures show that the moves China has taken to cool the economy are working. The fear is that they may be working too well.

The 153-145 vote victory came minutes after Papandreou announced that he will seek a coalition government, though it was not immediately clear whether he would lead it.

“Tomorrow, I will go see the president and inform him that I am willing to hold talks with other parties in order to form a coalition government,” the leader said late Friday in a speech to Parliament.

The leader said it would be disastrous if elections were to be held immediately, because that would leave “up in the air” a controversial bailout deal that was brokered October 26. It would exact tough austerity measures on the Greek people and their government.

Under a motion of confidence, lawmakers signal to the head of state whether the government has the support of parliament. A loss typically results in the government’s dissolution and the holding of a general election unless the head of state asks someone with more support to form a government.

As he had done on Thursday night, Papandreou pushed for approval of the international bailout package that the country has been offered, calling it “a huge change, and perhaps the last one, to rebuild a country with new and strong foundations.”

Papandreou reiterated that he has no great desire to maintain his grip on power. “The last thing I care for is the chair,” he said. “I don’t care if I never get elected again.”

He defended his leadership, accusing previous governments of miring the Greek economy in debt. “Those days, you could borrow money easily, and now that’s why the Greek people have to pay back for it,” he said.

Papandreou said he now wants “to turn the page over and move forward.”

But opposition leader Antonis Samaras has made clear that he is not ready to turn the page, calling for a transitional government for six weeks, followed by elections.

Papandreou declared that such a course would prove “simply catastrophic. “If we go straight away to elections, we won’t be able to implement a bailout,” he said.

The deal brokered on October 26 would wipe out 100 billion euros in Greek debt, half of what it owes. It comes with a promise of 30 billion euros from the public sector to help pay off some of the remaining debts, making the whole deal worth 130 billion euros ($178 billion).

But the package comes with strings that would require Greece to slash government jobs, privatize some businesses and reduce pensions.

Saturday’s narrow victory is expected to mean that Greece will get its next tranche of money from a separate international agreement brokered in May 2010, allowing it to pay its bills next month and avoid immediate default.

That $8 billion euro payment had been threatened when Papandreou announced earlier this week that he would take the bailout package to the Greek people through a national referendum, a move he retracted Thursday.

The vote of confidence did nothing to eliminate the specter of looming economic disaster that has dogged the debt-ridden country and sent shock waves through international markets.

Though Greece ranks 32nd in terms of gross domestic product, experts say it wields a disproportionate influence on world markets; economists fret that a Greek default could drag down larger European economies, like those of Portugal, Spain, Ireland and Italy.

“It’s not over,” said Heather Conley, director of the Center for Strategic International Studies’ Europe Program, about the crisis. “We’re buying time in nearly daily increments. It doesn’t change the fact that this is a fourth year of a Greek recession, and they have missed nearly all their austerity targets.”

The real solution would be to redefine the euro zone and the European Union, creating a transfer of wealth from north to south, she said, adding “That’s not going to happen.”

Meanwhile, the country is pursuing two strategies — trying to buy time for Greece to fix its economy and trying to prevent contagion.

That may not be easy. “Today, the yields on 10-year Italian bonds are at the highest they have ever been,” she said. “That’s unsustainable.”

Italian Prime Minister Silvio Berlusconi said Friday that Italy had agreed to let the International Monetary Fund “certify” its reform program, a step designed to boost investor confidence.

The Greek drama was occurring as the G-20 economic summit was taking place 2,000 kilometers (1,243 miles) west, in Cannes, France.

U.S. President Barack Obama told the summit Friday he was confident that Europe could meet the challenge presented by the troubled global economy.

“Make no mistake, there is more hard work ahead and more difficult changes to make but our European partners have laid a foundation on which to build,” Obama said.

Recent events in Greece have underscored the importance of implementing a Greek economic bailout plan fully and quickly, he said, but the elements were in place to ensure stability — including a firewall around European debt, the strengthening of European banks, charting a sustainable path for Greece and making structural reforms.

“All of us have an enormous interest in Europe’s success and all of us will be affected if Europe is not growing,” he said.

The vote was unanimous, though some of the ministers expressed criticism prior to casting their votes, CNN affiliate Mega Channel reported.

The cabinet vote came hours before German Chancellor Angela Merkel, French President Nicolas Sarkozy and senior figures from the International Monetary Fund and European Union were to meet Wednesday with Greek officials at an emergency meeting in Cannes, France, ahead of the G-20 summit.

Their meeting comes a day after U.S. and European stock markets tumbled after Papandreou’s call for the referendum on international aid for his country.

A “no” vote could theoretically force Greece to crash out of the euro and send shock waves through the global financial system.

Papandreou is seeking public backing from the Greek people for last week’s bailout deal, which took months to reach.

But the move created turmoil in domestic politics, with Papandreou forced to hold an emergency Cabinet meeting late Tuesday, and angered his European counterparts.

Sarkozy and Merkel issued a terse statement on Tuesday saying they were “determined to ensure the full implementation, without delay, of decisions adopted by the summit, which are necessary now more than ever.”

White House spokesman Jay Carney struck a similar note, saying Papandreou’s move reinforced the need for Europe “to elaborate further and implement rapidly the decisions they made last week.”

German and French markets closed down about 5% Tuesday, while London’s FTSE fell 2.4% and the Dow Jones Industrial Average index closed down nearly 300 points.

Greece’s former deputy finance minister, Petros Doukas, a member of the opposition New Democracy Party who is not currently in office, told CNN he doubted the referendum would take place.

Papandreou is under enormous pressure from Europe, the markets and opposition forces within Greece to backtrack on the proposal, Doukas said.

He described Papandreou’s actions as a political gamble that had gone wrong, with the prime minister having tried to make the opposition parties share the pain of unpopular reforms. He suggested Papandreou would have to call elections or stand down as leader, as Greece was “not governable” with him as prime minister.

The announcement of the referendum rattled Papandreou’s hold on power, as a lawmaker defected from his party, leaving him with a majority of only two in Parliament.

Milena Apostolaki announced her resignation from the PASOK party, saying the call for a referendum was “a deeply divisive procedure.”

The deal reached last week would see the country’s sky-high debts cut in half, but it comes with strings attached, which have led to angry demonstrations in the streets of Greece.

Reflecting that anger, Greece’s opposition leader, Antonis Samaras, called Tuesday for a snap election, but it is unlikely he has the votes to force one.

Papandreou has called for a vote of confidence Friday, separate from his call for a referendum on the international bailout.

Elena Panaritis, a fellow PASOK lawmaker who advises Papandreou on economics, said she would support the confidence vote, saying the prime minister had been under heavy political pressure from inside and outside his party.

International lenders are demanding that Athens raise taxes, sell off state-owned companies and slash government spending, which would mean firing tens of thousands of state workers.

The Institute of International Finance, a global association representing many of the world’s biggest banks, reaffirmed its commitment Tuesday to the bailout agreement reached last week, saying it would work closely with all parties to implement it.

The European debt crisis claimed its first American victim shortly before Papandreou announced the referendum on Monday, as MF Global filed for bankruptcy protection, leaving top Wall Street creditors holding more than $2 billion in debt. The commodities and derivatives brokerage was run by ex-Sen. Jon Corzine, a former head of Goldman Sachs.

Constantine Michalos, chairman of the Athens Chamber of Commerce, said Papandreou’s referendum move had taken everyone by surprise.

As a consequence, he said, “Greece is facing a credibility gap as a result of the problems that have been created both on a political level and on a financial market level.”

Michalos also said he saw little point in Papandreou holding a confidence vote this week if the bailout deal, which was reached after top-level negotiations in Europe, could be overturned by the Greek people just a few weeks later.

One expert called the surprise plan for a referendum “a political gamble, which adds further uncertainty to the European debt crisis.”

“The prime minister will be hoping for a vote in favor to strengthen his mandate, but if the Greek population votes against, it will leave the IMF and Greece’s European partners in a very difficult situation,” said Gary Jenkins of Evolution Securities.

The planned referendum casts a shadow on the hard-fought deal that would allow Greece to write off as much as 50% of its debts to banks.

The agreement for private lenders to scrap half of Greece’s debt is worth 100 billion euros to Athens, and comes with a promise of 30 billion euros from the public sector to help pay off some of the remaining debts, making the whole deal worth 130 billion euros ($178 billion).

No date has been set on the vote, although local news reports say the referendum could come in January. A “no” vote threatens to unravel the deal, which was greeted last week with fanfare as a way to keep debt woes in Greece and other European nations from spilling across other borders, threatening the 17 nations united under the euro currency.

A weekend survey in Greece found nearly 60% opposed the debt deal reached last week in Brussels.

But other surveys have shown a more complicated picture.

A survey carried out last week by Kappa Research for the Greek daily newspaper To Vima showed a majority of Greeks wanted a referendum on the international rescue plan, and that more would oppose it than accept it.

But in the same survey, 70% of Greeks wanted to stay in the euro, according to RBS European Economics — a result that may not be possible if they vote “no” on the referendum.

“(It) clearly opens a can of worms because the referendum vote could go one of two ways,” said Frederic Neumann, a senior economist for HSBC.

“If approved, a vote of confidence in the government’s handling of the situation … if calmer heads prevail and it can rationally be explained to the public, I wouldn’t discount the measure being approved.”

But, until the referendum is passed, there is added uncertainty, he said, adding, “That’s just an added headache.”

Besides the Greek debt-reduction plan, last week’s European Union deal pledged to quadruple the EU’s bailout fund to about $1.38 trillion and to raise the capital required to help cushion the region’s banks from financial shocks.

CNN’s Bobby Afshar, Irene Chapple, Catherine Tymkiw, Christine Theodorou, Saskya Vandoorne and Kevin Voigt contributed to this report.

European leaders have thrashed out a deal they hope will resolve the problems that threaten the stability of world markets and the very existence of the euro currency.

Marathon negotiations at EU headquarters in Brussels resulted in a deal that will slash Greek debt, recapitalize European banks and more than double the EU bailout fund’s resources to handle future sovereign defaults.

While questions still remain over whether Greece will be able to meet their debt obligations, the fact that leaders were able to finally put concrete numbers to what had previously been little more than vague promises bolstered financial markets.

“It’s great news that we’ve got an agreement,” said Deutsche Bank economist Gilles Moec. “When Europe puts its heads together, they do actually begin to cooperate.”

What is the deal?

The three-pronged plan aims to resolve the debt crisis in Greece, return stability to Europe’s banking sector and expand the resources of a bailout fund that is seen as woefully inadequate to handle a potential Italian or Spanish sovereign default.

The first and most crucial aspect of the plan was getting Greek bondholders — basically, private banks that loaned Greece money — to voluntarily agree to write down or revalue Greek debt by a staggering 50%, as opposed to the 21% that was originally agreed during bailout talks in July.

The 50% “haircut” or write down means Greece owes its debt holders €100 billion less, reducing its debt burden by 2020 to 120% of economic output, a more manageable debt figure closer to the ratio of Italy.

The deal also strengthens the European banking system by forcing banks to raise money in order to protect themselves in the event countries like Greece or Portugal fail to repay their debt.

Banks must increase core capital levels to 9% in order to create a buffer against potential losses, according to the deal — meaning banks must raise a total of €106 billion by June 2012 to meet the new targets.

Leaders also agreed to boost the resources of the European Financial Stability Fund to €1 trillion, up from its current lending capacity of €440 billion, without committing any additional European taxpayer money to the bailout fund.

While the current size of the EFSF was seen as big enough to handle a Greek default, leaders made the move to more than double the bailout fund’s capacity in order to at least partially fend off worries about faltering Italy and its €2.5 trillion debt burden.

The deal will be supplemented by the creation of new investment mechanisms with the International Monetary Fund worth up to €100 billion — something China has already expressed interest in backing.

Who wins in this deal?

The biggest winner is Greece, whose crippling debt load has now in principle been cut in half in the deal that prime minister George Papandreou says marks “a new day for Europe and for Greece.”

While austerity measures will still make things tough for the Greek people, the new plan has set the country on a sustainable debt trajectory, according to economist Gilles Moec.

“At least the deal gives Greece a fighting chance,” said Moec. “It’s not great, it would be much better if we could get the debt below 100% … but it’s doable.”

The deal is also a victory for Germany, which had been the driving factor behind forcing the banks to take a bigger “haircut” or write down on Greek debt, according to CNN’s Fred Pleitgen.

“If you look at the vote in German parliament outlining what Germany were going to ask for at the summit, and then you see the results of the summit, it’s basically identical,” he said.

German Chancellor Angela Merkel said the deal represented a victory for Europe as a whole.

“Everybody was aware that the whole world was looking at this meeting,” she said. “I think that tonight we Europeans have taken the right measures.”

What comes next?

Questions still remain about whether the latest deal does much more than buy the eurozone some much-needed time.

The problem of what to do in the event of an Italian default has still not been answered, according to CNN’s Nina dos Santos.

“The Italian outstanding debt stands at about $2.5 trillion dollars, which really dwarfs the size of anything else we’re talking about,” she said.

Prime Minister Silvio Berlusconi could do little more at the summit than promise his European counterparts that Italy would tackle its mounting debt — meanwhile in Rome, politicians traded punches in parliament over proposed austerity measures that threaten to bring down Berlusconi’s government.

Emerging markets like China and Brazil could now play a crucial role in filling up the bailout fund through the new IMF mechanism, according to dos Santos.

“Emerging markets have long wanted a bigger seat at the IMF table, and this may give them an opportunity to do so,” she said.

In the end, the European debt crisis can only end with sustained economic growth, says CNN’s Andrew Stevens.

“The core problem remains the disparity between the economic performance and economic outlook for each country — Greece is going to continue to contract for some time, while Germany is a very efficient trading, manufacturing, huge economy,” he said.

“It’s very difficult to see, from this at least, how Europe’s going to start singing off the same sheet.”

Here’s a country-by-country look at the European demonstrations:

Italy

An initially peaceful protest in central Rome turned violent Saturday, after anarchists — some wearing ski masks and belonging to a group termed “Black Bloc” — torched cars, broke windows and clashed with police. The violent group also fought with other protesters, who attempted to extricate the rowdy anarchists from the march. Rocks, bottles and tear gas canisters flew, and an interior ministry building caught fire in the mayhem. Firefighters battled the blaze at the main gathering spot, the Piazza San Giovanni, which transformed into a battleground between police with water cannons on the one side and anarchists armed with knives, bats, Molotov cocktails and fireworks on the other, Newsweek correspondent Barbie Nadeau told CNN.

Italy, which was hit hard by the global economic crisis, has been struggling with potentially crippling debt problems. Last month, Standard & Poor’s cut Italy’s sovereign credit rating, saying the nation’s weakening economic growth and political uncertainty have dented its financial stability. Italy has debts equal to nearly 120% of its gross domestic product.

Spain

More than 10,000 demonstrators of all ages gathered peacefully in Madrid’s spacious Plaza de Cibeles on Saturday and than walked uphill to Puerta del Sol, according to CNN correspondent Al Goodman. The “May 15 Movement” started five months ago to the day over austerity measures and high unemployment. Some demonstrators said they felt Spain’s protest had gone global and that the world had joined the movement started in their country. The newspaper El Pais quoted Catalan regional police as saying an estimated 60,000 protesters turned out in Barcelona. CNN was unable to confirm that number Saturday evening.

Along with Italy, Spain was hit by the financial crisis and subsequent European Union debt woes. It announced new measures recently meant to reduce its deficit, though investors continue to believe the country faces dim prospects. Standard & Poor’s downgraded Spain’s credit rating Friday, citing risks to economic growth and the banking sector.

Spain is one of the so-called “PIIGS,” a group of fiscally distressed nations that include Portugal, Italy, Ireland and Greece.

United Kingdom

An appearance by Julian Assange highlighted Saturday’s “Occupy London” protest, when the WikiLeaks co-founder led the crowd in protest chants from the steps in front of St. Paul’s Cathedral on the edge of London’s financial district. Thousands marched through the streets protesting austerity cuts and criticizing bankers.

Chancellor of the Exchequer George Osborne told lawmakers in August that the road to economic recovery in Britain will be “longer and harder than had been hoped” and will require continued commitment to the government’s deficit-reduction program. He noted that financial instability in Britain’s main export markets has contributed to the country’s reduced expectations for growth.

Belgium

About 7,000 people marched through the EU capital of Brussels on Saturday, according to police. “There has been no violence, some people have been stopped and checked but were later released, one has been arrested for assault on a police officer, but apart from that it has been calm,” Christianne de Ridder, a spokeswoman for the Brussels police department, told CNN.

Belgium’s debt is expected to grow to 85% of GDP by 2015, according to the International Monetary Fund.

Germany

Thousands took to the streets in front of the European Central Bank in Frankfurt as well as in other major cities, including the country’s capital Berlin, where protesters marched to the Office of the Chancellor. Protesters held up signs condemning corporate power and demanding stronger democracy and social justice.

Germany, the region’s economic powerhouse, reported a paltry 0.1% increase in second-quarter gross domestic product, compared with a more robust 1.3% in the first quarter. But economists say Germany is still on track for modest growth in 2011.

The German economy is heavily dependent on exports and has benefited from rapid growth in emerging nations such as China. As activity cools in those markets, the outlook for Germany has dimmed. The slowdown raises troubling questions about the long-term outlook for the Euro Zone.

Sweden

A small crowd gathered in Stockholm to join the “Occupy” protests. About 400 demonstrators gathered at the central square in Stockholm then “moved on to the Bank of Sweden where they protested some more, and then they went home,” a police spokeswoman said. Sweden is known for its strong social democratic system, which provides for many needs of its citizens and protects the stability of Swedish jobs.

Unlike some other members of the European Union, Sweden largely avoided the worldwide recession. Still, the country has a keen interest in helping members of the Euro Zone stay healthy economically. Last year, it offered to loan Ireland $1.5 billion to help it through a tight financial spot. Sweden also depends on the strength of its trading partners, such as Germany, which accounts for some 11% of Sweden’s exports and 18% of its imports.

Below, the colorful canvas of more than 150 temporary shelters fills the gray sidewalk, and bright posters and banners festoon the statue of Queen Anne.

Hundreds of protesters began camping out near the cathedral on Saturday, after their attempts to occupy the London Stock Exchange failed.

The London collective was given a boost on Sunday when Giles Fraser, Canon Chancellor of St Paul’s Cathedral, welcomed the protesters to the church grounds, after police blocked them from entering neighboring Paternoster Square.

The police are still here — their vans line up alongside London’s famous red double-decker buses in a nearby street. The officers inside are poised for action, but the peaceful nature of the protests so far means they have little to do but watch.

Finance workers in sharp suits wander past the protests, staring — some bemused, others amused — at the makeshift campsite which has sprung up in recent days.

Others ignore the flyers, placards and protesters as they hurry along, apparently assuming the fuss is nothing but a flash in the pan — something those camped out are keen to disprove.

“We’re staying forever,” insists Bryn Phillips. “We’re staying until the rector says we have to go, and he says we can stay, so we’re staying until our demands are met.”

Asked what those demands are, Phillips reels off a list which veers from the idealistic to the jokey, which his friend, artist and fellow protester Laura May, says “sounds like a Christmas wish list” — and which suggests the campers may be here until well into the new year.

“We’re a solidarity movement. We want to replace the G7 with the G-seven-billion, we want a global democracy: Government by the people, for the people, not by governments acting for the big banks,” he says.

Historian Farhan Rasheed, who has been part of the protests since Saturday, and camped out at the site overnight, told CNN he was taking action to call for a new financial system.

“It’s not that the system is broken — it’s going on exactly as it is supposed to: People buy, buy, buy, until they have homes full of stuff and no money, so they stop buying, sales go down, companies get into trouble and the economy crashes — it happened in the 1990s, in the 1980s, in the 1970s. It’s happening now, and it’s going to get worse.

“The system needs to change. We need to focus not on big profits, not on the headline figures, but on what they mean to people’s lives.

“I work in schools, and the kids are terrified — they really don’t like the generation above, they think ‘You’ve screwed us.’ They are left with no opportunities, but they are the ones who are having to pick up the costs.

“It is manifestly unfair, but the mood seems to be changing. This morning we greeted the people coming to work at the Stock Exchange, and there were lots of people saying “We’re with you.”"

“We are part of a global movement of people who are fed up with the current system,” says session musician and builder James Banks, who traveled from his home in Birmingham to take part in the protests.

“We have a sickening feeling in our stomach at the way things are, and at the way humans are enslaved.”

Banks plans to stay at the camp for at least a week, and says he has been pleasantly surprised by the reactions of passers-by to the camp.

“There is a real atmosphere of fun and of camaraderie not just between us, but between us and the public. There’s been hardly any hostility, people have been donating food — one guy told me “I just wish I had the balls to do this.”"

German tourist Anja Kloos, who stopped by the tent village after visiting St Paul’s Cathedral with her family, said she was impressed by the protests.

“I know England has been badly hit by the economic crisis, and people here have lost their jobs, so I think it’s great that people have come out onto the streets.

“It is becoming a global thing, thanks to the internet and YouTube and Facebook — and it is in America too, though they aren’t so famous for demonstrating — we’re normally better at it in Germany.”

Not everyone is so positive.

“They’ve obviously got a lot of time on their hands,” says one city worker, dismissively. “I don’t think a lot of it, but at least they’re peaceful.”

“I’m just amused by it really,” says another, who has been watching the protesters discussions. “They’ve got nothing better to do, I suppose.”

But 71-year-old retiree David Norman told CNN that taking part in the protests was a question of ethics, saying that protesters across the globe were calling world governments to account.

“The U.S. started this, and now it’s gone global, to more than 80 countries. God bless America for that! But get your act together, for goodness sake, or else the people will make you.”