Bloomberg News

Hungary’s Matolcsy Says IMF Needed to Avoid Economic Stagnation

November 24, 2011

Nov. 24 (Bloomberg) -- Hungary has started talks with the International Monetary Fund and the European Union to avoid economic stagnation, Economy Minister Gyorgy Matolcsy wrote in the weekly magazine Heti Valasz.

Hungary may face “a new wave of corporate defaults, the economy may turn into stagnation and credit availability may decline significantly,” Matolcsy wrote in an article published today.

Hungary needs “a new type of insurance-like safety net” from the IMF to protect its economic growth plan from potential “attacks” coming from the world of finance, according to the article.

--Editor: Chris Peterson

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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