Hungary asks EU for financial aid

Hungary, whose foreign debt exceeds 75 percent of gross domestic product, asked the European Commission on Monday for possible financial help, the Commission said.

It said in a statement that Budapest had asked the International Monetary Fund for aid too.

The Commission said that it would consider the request in close cooperation with the IMF and European Union members.

The ratings agencies Standard & Poor and Moody and Fitch warned they would cut Hungary's rating to below investment grade because its debt levels.

The European debt crisis started in Greece two years ago and still rages on prompting billionaire investor Warren Buffett to say that the crisis had shown a major flaw in the euro zone system.

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