June 26th, 2012

Quotable: András Vértes on when Hungary will reach an IMF agreement

“There will be no IMF agreement this year, except in case of a stress situation on the money market, which would send current interests and rates sharply up, making the loan contract a matter of urgency for the government.”

András Vértes, head of leading economic researcher GKI. At a press conference Tuesday Vértes said GKI had raised its inflation forecast for 2012 from 5.3% to 5.7%, and was standing by its pessimistic view that the country's economy will contract by 1.5% over the course of this year. [hvg.hu]

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