Finance Minister Peter Oszko told the Financial Times that Hungary no longer needs the International Monetary Fund’s financial support, the newspaper reported on Monday.
Mr Oszko told Financial Times that Hungary has become able to generate the country’s external-financing requirements exclusively from financial markets. “We don’t need IMF money any more and my expectation is that since Hungary is targeting the same track for the future, we won’t need financial help,” Hungary’s finance minister told the newspaper.
Mr Oszko stressed that Hungary continued to benefit from the IMF’s regular interviews, which made the country’s effort to implement fiscal reform more credible in the estimation of financial markets.
Hungary received a EUR 20bn standby loan from the IMF, the European Union and the World Bank in October 2008.
Mr Oszko said that Hungary has made a significant effort to restore fiscal integrity since Prime Minister Gordon Bajnai took office in April 2009. “If you compare our targets to our achievements, it’s going well,” the finance minister said. “We had to find a way of keeping the fiscal balance while … increasing potential growth, which is not an easy exercise,” Mr Oszko told the newspaper.
“Mr Oszko told Financial Times that Hungary has become able to generate the country’s external-financing requirements exclusively from financial markets.”
Great, so not only do these numb nuts get to run the country, they are allowed to gamble it’s income on the financial markets.
Isn’t there a better way?
Isn’t there a better way?
JD at January 19, 2010 5:02 PM
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Defaulting on all international loans?
Does that sounds good?
Good brainstorm Viking, although I was thinking on something a little less detrimental to Hungary’s credit rating.