Grand Larceny vs. Petty Larceny; Or, Political Justice Exemplified 
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(Title) The Hungarian Government has insisted on imposing a new tax in the financial sector excluding the adoption of new austerity measures, thus interrupting the weekend talks with EU and IMF.
The representatives of international creditors clearly stated that the government’s strategy of Hungarian Prime Minister Viktor Orban is inadequate and that the center-right government must take tougher measures, a move intended to cause panic in the markets and to devalue the forint.
This morning, Monday the forint lost 2.7% and sprent government bonds in the country have increased 20 to 25 basis points.
Analysts felt very “rare” this attitude of IMF-EU terminate discussions to provide the remainder (5.5 billion euro) rescue loan 20 billion euros to Hungary under the Agreement on 2008.
Although the country has achieved progress in fiscal consolidation by reducing the government deficit the lowest level among member countries of the EU, the creditors have not considered satisfactory and expressed their concerns about the government’s decision to impose tax Fl 200 billion for deficit reduction.
Please note that Hungary after 5 years of austerity programs has an immediate need for the financing of IMF-EU today, but wanted to use the money as a safety net. Therefore, the absence of an agreement is likely to affect investor confidence in the process of restructuring the economy.
Pinch TV
18-7-2010
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