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See how Hungary's fight with the IMF could affect you. What can we gain from this?Updated: 20-07-2010 | Financial and Banking
Budapest's refusal to take new "tough measures" could "positively differentiate" Romania in the view of the IMF
Despite halting negotiations with the IMF and the EU - which throws Hungary in a situation at least as unfavorable as was Romania's after the Constitutional Court rejected the pension cuts - Budapest is refusing to take additional austerity measures. Minister of the Economy Gyorgy Matolcsy sees austerity as the main reason for the shrinking economy and growing unemployment rates.
Hungary can't take it anymore, after five consecutive years of similar measures, is the point of view of Viktor Orban's Executive, but large foreign creditors have asked for "tough measures, especially as regards expenses". Same as the representatives of the IMF and EU, international markets didn't agree with Matolcsy firm position, and they "penalized" the Hungarian Forint with a new devaluation in relation to the Euro.
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