Daniel Bebesy News
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Hungary rejects conditions set by the International Monetary Fund for a loan, Prime Minister Viktor Orban said, prompting a plunge in the forint that has been buttressed by confidence an agreement would be reached.
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Hungarian ruling-party lawmakers postponed the vote on amendments to a disputed central bank law, signaling the government’s willingness to compromise for a bailout agreement to shield the forint.
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Hungary is set to force lenders to swallow currency losses on Swiss franc mortgages. Financial stocks and the forint fell as the country’s banks and the Austrian government criticized the plan.
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Hungarian Economy Minister Gyorgy Matolcsy says the International Monetary Fund’s decision to suspend talks with the government doesn’t threaten fiscal stability. Investors say he’s wrong.
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Hungary sent its reply to the European Commission on the European Union executive’s infringement procedures in three areas, including monetary- policy independence, in an effort to revive talks on a bailout.
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Hungary’s decision to extend special industry taxes beyond their planned expiration may undermine efforts to boost economic growth to more than 5 percent by 2014 and meet revenue targets as debt repayments peak, analysts said.
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Hungary won the go-ahead from the European Commission to pursue a financial-aid package after Prime Minister Viktor Orban scaled back attempts to exert control over the central bank.
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Hungary’s bonds and stocks rallied after the government sold the planned amount of debt at an auction on optimism Prime Minister Viktor Orban will be able to restart talks on an international bailout.
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Hungary said it started talks with the International Monetary Fund on a backstop that doesn’t include a loan. The Washington-based lender said it hasn’t received a request for negotiations on a Fund-supported program.
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Hungary’s Prime Minister-designate Viktor Orban sparked investor concerns about the independence of the central bank by signaling he may oust bank President Andras Simor , who has defied the new ruling party’s calls to resign.
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