Hungary talks with IMF, EU break down


Talks between Hungary and delegations from the International Monetary Fund (IMF) and the European Commission on a financial assistance package broke down, a spokesman for Vice President of the European Commission Olli Rehn told MTI on Friday.

Amadeu Altafaj Tardio said the talks were broken off because of a proposed amendment affecting the National Bank of Hungary.

The decision to break off the talks was personally made by Mr Rehn.

Hungary said in November it was seeking financial assistance from the IMF and EC as a precautionary measure.

Hungary’s parliament is scheduled to debate a bill on the new Central Bank Act in an accelerated procedure on Friday. The act is necessary because of the country’s new constitution, which comes into force on January 1, 2012.

The bill would give the central bank more rate-setters and a third deputy governor as well as require the board of directors to submit their agenda to the government.

The European Central Bank said in an opinion issued on Thursday that the bill could be detrimental to the NBH’s independence.


Zwack Profit Climbs 8% Figures

Zwack Profit Climbs 8%

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

Magnus Aircraft Signs CNY 65 mln Order Deals

Magnus Aircraft Signs CNY 65 mln Order

Accommodation Fully Booked Over Pentecost Weekend Tourism

Accommodation Fully Booked Over Pentecost Weekend


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.