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IMF agreement would not mean higher unemployment for Hungary

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Hungary can avoid a rise in unemployment in the case it reaches an agreement with the International Monetary Fund, because the country's situation is different from those of Greece, Ireland or Portugal, László Andor, EU Commissioner for Employment, Social Affairs and Inclusion, said in a radio interview early Thursday.

Differences within Europe have grown alarmingly recently, and the continuation of the financial crisis leaves governments with no tools to take effective measures against unemployment, Andor said. Among these countries are ones in which stability programs overseen by the European Union, IMF and European Central Bank are being implemented, he added.

He said speculation played a big role in putting eurozone countries in their present situation, noting that their adoption of the single currency left them with fewer options. Hungary is seeking outside financial support for different reasons, and the nature of the resulting program will also be different, thus the chances are better for the program to stimulate growth rather than weaken it, he explained. Hungary is seeking precautionary financial assistance from the IMF and the EU.

 

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