Economy of Hungary public sector spending falling from 62% of GDP to below 50%—the current account deficit was reduced to 2% of GDP, and government debt was paid down to 94% of annual export earnings. The Government of Hungary no longer requires IMF financial assistance and has repaid all of its debt to the fund. Consequently, Hungary enjoys favorable borrowing terms. Hungary's sovereign foreign currency debt issuance carries investment-grade ratings from all major credit-rating agencies, although recently the country was downgraded by Moody's, S&P and remains on negative outlook at Fitch. In 1995 Hungary's currency, the Forint (HUF), became convertible for all current
Austria-Hungary at least on paper, on shakier ground than Hungary. While what was left of Austria had been a single unit for over 700 years, it was united only by loyalty to the Habsburgs. With the loss of 60% of the Austrian Empire's prewar territory, Vienna was now an imperial capital without an empire to support it. By comparison, Hungary had been a nation and a state for over 900 years. However, after a brief period of upheaval and the Allies' foreclosure of union with Germany, Austria established itself as a federal republic. Despite the temporary "Anschluss" with Nazi Germany, it