Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Hungary asks IMF for bailout

Ben Chu
Tuesday 22 November 2011 01:00 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Hungary made an official request for financial assistance from the International Monetary Fund and the European Union yesterday – just 18 months after the government in Budapest declared that it did not need any external help.

Hungary accepted a €20bn IMF/EU bailout in 2008, but that agreement was cancelled by the centre-right Prime Minister, Viktor Orban, in July 2010. Mr Orban said at the time that Hungary would pursue "economic self rule".

The country's economy has been battered by the eurozone crisis. Hungary is forecast to have the lowest growth in 2012 among the 10 countries that joined the EU in 2004.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in