Hungary rescue a bid to contain crisis

The $25bn rescue package that the International Monetary Fund (IMF), World Bank and European Union offering Hungary, October 2008, is one of the biggest ever, dwarfing the $16.5bn loan to Ukraine earlier in the same month, and even the United Kingdom’s 1976 bailout, which would be $15.3bn at today’s prices.

Hungary, hard hit by the global financial crisis, avoided state bankrupty thanks to the international aid, Prime Minister Ferenc Gyurcsany said in an interview published on the 2 November 2008.

France24, 2.11.08: Hungary escaped bankruptcy with international aid http://www.france24.com/en/20081102-hungary-escaped-bankruptcy-with-international-aid-imf-wb-eu&navi=EUROPE

BBC News, 29.10.08: Hungary to get $25bn rescue deal http://news.bbc.co.uk/1/hi/business/7696682.stm

ESO: Background information: Hungarian currency and shares plunge http://www.europeansources.info/record/hungarian-currency-and-shares-plunge/

IMF Survey, 28.10.08: IMF, EU, and World Bank Line Up $25 Billion for Hungary http://www.imf.org/external/pubs/ft/survey/so/2008/CAR102808B.htm

IMF: Country Report: Hungary and the IMF http://www.imf.org/external/country/HUN/index.htm

EBRD: EBRD and Hungary http://www.ebrd.com/hungary.html

EBRD: Press Release, 27.10.08: EBRD supports accord between Hungary and IMF http://www.ebrd.com/pages/news/press/2008/081027.shtml

---