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 Euro will suffer a heart attack in the near future. Watch |
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Austria? 我是有意识地把其忽略了，呵呵。欧元也存在固有的问题 -- 游客 - (231 Byte) 2008-10-29 周三, 10:04 (323 reads) |
parisparis
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作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
^-^. Global perspective, my friend. Look beyond Hong Kong and Asia...
Hungary gets $25.1 bn rescue package
WASHINGTON, October 28 – The International Monetary Fund, the European Union and World Bank on Tuesday agreed to a $25.1bn economic rescue package for Hungary to bolster confidence in its economy hit by the global financial crisis.
The IMF said it had reached an agreement with Hungary for a $15.7bn (€12.5bn) loan programme, while the European Union stood ready with an additional $8.1bn in financing and the World Bank another $1.3bn. The IMF loan will be disbursed over 17 months.
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It is the biggest international rescue package for an emerging market economy since the start of the current global crisis and is the first for an EU-member country. Last week the IMF approved a $2.1bn deal for Iceland and a $16.5bn programme for Ukraine.
The IMF said its board could approve the Hungary deal in early November under emergency rapid-response procedures activated earlier this month as the credit market crisis spread from the United States and Western Europe.
“The Hungarian authorities have developed a comprehensive policy package that will bolster the economy’s near-term stability and improve its long-term growth potential,” Dominique Strauss-Kahn, IMF managing director, said.
“At the same time it is designed to restore investor confidence and alleviate the stress experienced in recent weeks in the Hungarian financial markets,” he added.
The IMF financing is more than 10 times Hungary’s IMF quota, above the limit of three times the quota for countries seeking to borrow. Each IMF member is assigned a quota based on its size in the world economy, which determines its financial commitment to the fund, its voting power, and has a bearing on how much it can borrow from the global lender.
Hungary’s economy has been battered by the financial crisis because its banking system is heavily exposed to foreign financing at a time when investors are pulling back from developing economies worldwide.
Mr Strauss-Kahn said the programme should improve Hungary’s fiscal balance and safeguard its financial sector.
“Specifically, the package includes measures to maintain adequate domestic and foreign currency liquidity, as well as strong levels of capital, for the banking system,” he said.
“Important measures in the fiscal area will reduce government-financing needs and ensure longer-term debt sustainability,” Mr Strauss-Kahn added.
Hungary’s financial markets firmed on Tuesday on hopes of the imminent financial help from the IMF, but its prime minister, Ferenc Gyurcsany, warned the central European country is likely to slide into recession next year.
Meanwhile, the World Bank said it was working with Hungary to tackle longer-term structural problems in its economy.
“Proposed World Bank assistance would support the design and implementation of reforms in key areas, such as the financial sector, fiscal management, and social sector reforms,” said Orsalia Kalantzopoulos, World Bank director for Central Europe and Baltic countries.
“These measures would support the country’s longer-term stabilisation and economic restructuring,” she added.
© Reuters Limited Click for restrictions
作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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