More bad news for Hungary, whose radical economic reforms continue to raise eyebrows in the capital markets. Yesterday the ratings agency Moody's weighed in against the country's renationalisation of its pension funds - and it seemed that over in Strasbourg, Europe's MEPs might even have been listening.

Moody's believes that Hungary's reforms are "unambiguously negative" for the country's credit quality. Keen to reduce public debt, the Hungarian government decided last year to force savers to transfer their assets back to the state, by stripping them of a state pension if they did not.