Skip to comments.Hungary: IMF or Orbán - what will it be?
Posted on 11/17/2011 10:07:37 PM PST by bruinbirdman
At the start of the week Standard & Poor's placed Hungarys sovereign debt on negative watch. The decision provoked an immediate reaction from Prime Minister Viktor Orbán, who declared that Hungary doesnt need any loan agreement with the IMF. If the IMF comes back to this country, Im leaving, reports Hirszerzö. But where do we stand? asks the news site. Because the currency is in free-fall: on November 17, one euro traded against 316 forint; back in March 2009, when it was at 317, Hungary requested assistance from the IMF. With public debt at 76 percent of GDP, the IMFs economists and bankers believe a future compromise is inevitable. Thing are hard for the country, concedes Hírszerző. But the site does not want Hungarians, for the love of economic freedom, to pay the price of a failed nationalism. Better to scale back growth forecasts, and if the arrival of the IMF means the departure of Prime Minister, then Godspeed!
This time Europe’s Commissars are forcing out Hungary’s conservative Prime Minister.
I have a feeling they won’t be allowed to keep a Goulash Capitalism the way the Soviets allowed them to keep a Goulash Communism.
This is how the EU will slowly dissolve national governments and constitutions.
It will happen here as well, if Obama has his way.
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