The worst effects of the global financial crisis have so far spared the European Union’s new members in central Europe, but investors are so worried that even a hint of bad news sets off a panic.

It happened in Budapest late on Thursday when OTP, the largest bank, was hit by rumours that the government planned to re-nationalise it. The government and the bank both quickly denied the reports but the shares still plunged 14 per cent on Thursday and another 6.6 per cent on Friday, sparking a sharp fall in the forint, which pulled down other currencies across the region.