06 September 2012

HUNGARY : Orban Rejects IMF Loan Conditions...Via Facebook.


     Hungary's currency...the forint plunged as much as 1.7%...after PM Viktor Orban flatly rejected IMF conditions for a 15 billion euro/$19 billion loan package.
     Orban posted the loan conditions rejection with a FACEBOOK video.
     But he also claimed negotiations will continue.
     A Citibank strategist said: 'This is looking ugly again.'
     The forint has rallied lately on hopes of an agreement.
     On 28 August...the central bank lowered its benchmark rate...by 25 bps...to 6.75%.
     It's the bank's lowest rate since 2011...but still among the highest in Europe.
    AND...Budapest has denied releasing and extraditing a convicted Azeri murderer 22 years early...for a $2-3 billion loan promise from Baku.
     The Azeri prisoner's heroic welcome and promotion by Baku...has heightened tensions between Armenia and Azerbaijan...and soured relations between Armenia and Budapest.