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| Hungary Rejects IMF Aid Conditions, Prime Minister Orban |
| Budapest, 06.09.2012 |
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| Hungary rejects conditions set by the International Monetary Fund for a loan, Prime Minister Viktor Orban said, prompting a fall in the forint that has been buttressed by confidence an agreement would be reached.
The conditions include a cut in pensions and the scrapping of an extraordinary bank tax, which aren’t in the national interest, Orban said in a video message posted on his page at the social media website of Facebook Inc. Orban said he would seek an “alternative negotiating proposal,” without elaborating.
Hungary, whose sovereign-credit rating was cut to junk last year, has had its request for a loan of about 15 billion euros ($18.9 billion) delayed multiple times because of Orban’s resistance to adhere to legal and economic conditions set by the lender. The Cabinet first requested aid last November.
The forint plunged 1.6 percent against the euro to 289.43 by 3:29 p.m. in Budapest and was headed for its biggest single- day drop this year.
Orban yesterday told reporters in Budapest that he expected an agreement with the IMF in the autumn and that the two sides were “close to the point where quick negotiations and the conclusion of quick negotiations are realistic.”
To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net
To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net
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