Bloodied by Brussels, Hungary courts IMF for aid

By REUTERS
January 12, 2012 04:40




BUDAPEST - Hungary must convince the International Monetary Fund on Thursday it is willing to change its ways in return for aid to remain solvent, a day after the European Union flagged the threat of legal action over hard-line reforms.

For Prime Minister Viktor Orban, widely criticized for pushing through restrictive new laws on public finances and the central bank while treating the country's would-be lenders with defiance, going back to the IMF cap in hand represents a severe political climbdown.

Tamas Fellegi, minister in charge of talks with the IMF and the EU - which led a 20 billion rescue of Hungary in 2008 - meets IMF chief Christine Lagarde in Washington on Thursday with a mandate to accept a stricter funding deal than Budapest initially wanted.


Related Content

Breaking news
January 18, 2018
Russia rejects Trump allegation it violating UN sanctions on N.Korea

By REUTERS

Israel Weather
  • 9 - 18
    Beer Sheva
    11 - 18
    Tel Aviv - Yafo
  • 4 - 12
    Jerusalem
    10 - 16
    Haifa
  • 11 - 22
    Elat
    10 - 18
    Tiberias