Wednesday, September 8, 2010

Hungary Pokes a Stick at EU, IMF

If Hungary can get away with this in the debt markets, it will provide further confidence for countries like Greece to split from the Euro mandated austerity.

1'Hungary govt to focus on jobs, econ growth' - Reuters

"Peter Szijjarto also told a news conference that the economic policy of previous Socialist governments -- based on austerity measures -- has failed and the new government planned to create one million new jobs in the next ten years."

2'Europe Finance Ministers Urge Hungary to Resume IMF Negotiations, MTI Says'-Bloomberg

3'Hungarian premier: I am no 'Che Guevara' fighting against banks ' - Earth Times

"Hungary's government has stuck by its "economic autonomy" during its first months in office and will continue to do so, Prime Minister Viktor Orban said Tuesday, defending a controversial tax on the banking system."

4'Hungary economy ministry sees no need for new IMF loan agreement' - Budapest Business Journal

5'Hungary warned on pay cap law' - Financial Times

"The European Commission has warned Hungary that it must amend a law capping the pay of national bank employees to avoid infringing the independence of the national bank.

Hungary’s new government passed a law in July capping the salary of public employees at 2m forints ($8,800), requiring Andras Simor, governor of the Magyar Nemzeti Bank, to accept a 75 per cent pay cut"

6'Hungary can finance debts from mkt in 2011-13 -govt' -Reuters

"Economy Minister Gyorgy Matolcsy also reiterated at a business forum that the country's financing deal with the International Monetary Fund (IMF) and the European Union will expire in October and the Fidesz government had no intention of seeking a new IMF loan agreement."

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