Hungary seeks EUR 15 bn from IMF/EU
(BUDAPEST) - Hungary's newly appointed negotiator for aid talks specified Wednesday that Budapest was seeking a stand-by credit line from the International Monetary Fund and European Union of 15 billion euros.
"The government would like to sign an accord for a precautionary credit line of 15 billion euros ($19.1 billion) over three years," Mihaly Varga, Prime Minister Viktor Orban's chief of staff named last week as chief negotiator from June 1, told the Magyar Hirlap newspaper in an interview.
"We are interested in signing as soon as possible, but it is more realistic to expect a deal at the start of the autumn," he added.
Budapest had previously indicated it was seeking 15-20 billion euros.
Hungary first approached the EU and IMF last November after its forint currency plunged and borrowing costs soared, but talks snagged over new legislation which critics said would erode the independence of the central bank.
The EU and the IMF said late in April that they were ready to resume negotiations after Budapest announced changes to the law.
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