Look at these terms! IMF terms to Hungary.

This is the response from Hungary’s PM but pay attention to what the IMF
is asking them to do. Wouldn’t lead to another spiral downhill race to a Greece type
scenario. Would you want these terms?!

Hungary not to accept IMF deal on current conditions, says PM

7 September 2012

Hungary will not accept an IMF agreement according to the current conditions set by the fund, Prime Minister Viktor Orban said on Thursday, adding that the government would put forward alternative proposals for talks in the next few days.

“At this cost, and in this way, we do not need [a financial guarantee],” he said in a video published on his Facebook page. Orban was referring to conditions set by the IMF on the deal. Daily Magyar Nemzet reported on Thursday that

the IMF expected the Hungarian government to cut pension payments, raise the retirement age, reduce family benefits, hike personal income tax, carry out privatisations, reduce travel subsidies, slim down state bureaucracies, introduce a general value-based property tax, shrink local government spending, eliminate the banking tax as well as the planned transactions tax.

“Lawmakers of the governing parties have reviewed the conditions set by the IMF and the EU on a loan to Hungary (…) we know what is expected of us from those whom we asked for a safety financial guarantee,” he said.

“The list is long, it has been published in the press,” he added.

These steps are not in Hungary’s interest, Orban said, adding that the Fidesz-KDNP groups authorised the government to draw up an alternative proposal for IMF/EU talks in the coming days.

“This is what we will be working on,” he said.

Please let us know what your thinking.

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s