Well we are not alone in leaving the country, although we are leaving for an Ecuadoran vacation. Visa the credit card company is threatening to leave permanently. It seems there is a banking issue that is not making them competitive. They want to collect their marbles and go home.
Can you imagine the impact on businesses and tourism if an entire credit card company leaves the country? That would leave MasterCard as the sole beneficiary of reaping credit card debtors.
This was in the Hungarian news portal Portfolio.hu:
“Visa Europe’s spokesperson told Portfolio.hu on Thursday that there is a serious market distortion in Hungary’s bank card sector, which is causing grave problems for both the market and the consumers. The lower interchange fee applied by Visa (0.2%) led to a dramatic decline in Visa’s market share over the past few years (because this way co-operation with the bank card company is less advantageous for commercial banks).”
The entire article is here.
While we are gone, our apartment has been rented out to some lovely people. I will be blogging our trip as I get Internet access.