Hungary and the IMF - Press review II.

  • En Hongrie, les curieuses manieres de M. Orban (Le Monde, Editorial, July 20, 2010) The editorial expresses its surprise at the assertive conduct of the new conservative government while forcibly trying to overwrite the rules of the two decade old democracy in Hungary and its attempts to dictate to international organisations.
  • La Hongrie n'a pas besoin d'un pret (Le Figaro, 21 July, 2010) The conservative Le Monde reports from the Berlin meeting of German Chancellor Angela Merkel and Hungarian Prime Minister Viktor Orbán. Orbán said Hungary does not need IMF-loans and that "we are world champions in reducing debt". Merkel on the other hand said that Hungary should return to the path of long-term stability and while the 3.8% budget deficit seems correct for this year but we should wait for next year when deficit should be brought down to under 3% of GDP. That would be harsh without the IMF.
  • Finanza e case rilanciano Londra. In tre mesi il pil su dell' 1,1% Corriere della Sera, 24 July, 2010) The Italian daily compares the Hungarian situation to the chances of a double-dip recession in England. It quotes Mr Orbán saying "Hungary does not need a new IMF-agreement" and it "should finance itself from the markets". "The IMF is not the "union of banks" thus if Hungary wants to introduce a bank tax there is no need to consult the IMF but the banks in question. Small wonder, says the article, that Standard and Poor's és a Moody's has downgraded Hungarian loans in turn. Standard & Poor?s said July 23 it may cut the rating to junk from BBB-, its lowest investment grade. Moody?s Investors Service placed Hungary?s Baa1 rating on review for possible downgrade the same day.
  • Ungarn gegen IWF - Bankensteuer statt Sparen (Der Spiegel, 2010. július 19.)
  • Ungarn löst nur noch Kopfschütteln aus (Handelsblatt, 2010. július 19.)
  • Can the Hungarian example contaminate Eastern Europe, asks the German Handelsblatt Der Ungarn-Virus geht um (Handelsblatt, 20 July, 2010)
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