Hungary seeks to secure EUR 15bn in 3-year credit agreement with IMF/EU.

By bne IntelliNews May 8, 2012
The Hungarian government aims to sign a 3-year credit facility worth about EUR 15bn with the IMF and the EU, portfolio.hu reported citing the prime ministers secretary, Mihaly Varga as saying in a TV interview. The size of the financial support would be broadly in line with market expectations. Official negotiations would be launched only after the Hungarian parliament formally passes changes to the central bank law, aiming to ensure the banks independence. The government has already drafted the amendments, addressing concerns of the European Commission. The audit and budget committee of the Hungarian parliament cleared on Monday (May 7) the relevant amendments for general debate.

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