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Your story on János Fekete, "Hungary's Savvy Banker" [June 27], sounds like an advertisement from the National Bank of Hungary. As long as Hungary belongs to the Warsaw Pact, its bankers and businessmen cannot seriously be considered independent thinkers. After Poland's failure, the Kremlin is using Hungary in its desperate search for Western credits. Although you assert that Hungary has the "most efficient economy in the Communist world," the truth is that the Communist economic system simply does not work...
...nos Fekete. His name could not be more Hungarian. He is introduced as the favorite Eastern banker of Western bankers, the man who has raised hundreds of millions of dollars in loans to keep the Hungarian economy afloat. Yet he is described by you as an avowed Marxist and master at using Western financial methods. If the Communist system had been established in the Western nations at the same time it was forced on the countries of Eastern Europe, where would János Fekete have gone to borrow all those millions of dollars...
Siding with Mast was János Fekete, deputy president of the National Bank of Hungary and a guest economist at last week's meeting. Said he: "I'm afraid that one day we will bring some flowers to the grave of the world economy with a note announcing that we won the battle of inflation, but unfortunately the patient died." For the first time since World War II, noted Fekete, the whole world-the Western industrialized countries, the Eastern bloc, the OPEC countries and the Third World-has been simultaneously caught in a slump. Fekete believes that...
...nos Fekete, 65, a guest at the TIME European Board of Economists session, is the favorite Eastern banker of Western bankers. As deputy president of the National Bank of Hungary, Fekete has raised hundreds of millions of dollars in loans that have helped keep afloat Hungary's distinctive and partially decentralized brand of Communism. Says one European banker who has negotiated with him: "If Hungary weren't a Communist country, Fekete would be the chairman of a private bank and ride around in a Rolls-Royce." He actually drives a Soviet-built Lada...
...Nos among the noses