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19 November 2011
It took a rapidly weakening currency...and 2 probable credit downgrades to junk status...for PM Viktor Orban to change his tune...and whistle for help from the IMF.
Orban says he will seek a credit line...but NOT loans from the IMF...to stave off the downgrades.
In the recent past...Orban has been highly critical of the IMF and its demands.
In 2008...Hungary received a $25.1 billion IMF-led bailout.
However, Orban did not renew a standby loan agreement last year.
With a new credit line...Orban will seek fiscal flexibility... but the IMF is unlikely to give it.