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Hungary continues to seek IMF credit as "insurance"

Hungary continues to seek credit from the International Monetary Fund as "insurance" against upheaval on external markets, minister without portfolio Mihály Varga said on commercial television late Wednesday. An IMF delegation is visiting Hungary for a routine review on January 16-28. Although a financial backstop Hungary requested from the fund more than a year ago is not on the official agenda, Varga said the topics discussed with the delegates could affect whether or not there will be a credit agreement. "We are not seeking credit because we need the money. We are asking for insurance for what happens outside [of the country]. If, for example, markets break down in Europe, or if such turbulence develops that puts the situation in Europe on its head, such an agreement could be necessary," Varga, who is in charge of talks on the credit, said on Hir TV's Rájátszás progamme.