Arab Today, arab today hungary could stand on its own feet
Last Updated : GMT 10:43:16
Arab Today, arab today
Arab Today, arab today

Hungary could stand on its own feet

Arab Today, arab today

Arab Today, arab today Hungary could stand on its own feet

Budapest - XINHUA

Hungarian Prime Minister Viktor Orban said on Friday that the recent bond issue proved Hungary could stand on its own two feet and did not need the International Monetary Fund (IMF). \"People have a tremendous amount of confidence in the Hungarian economy,\" he told public radio. When Hungary sold two billion U.S. dollars in 10-year government bonds and 1.25 billion dollars in five-year bonds on the open market earlier this week for an overall sale of 3.25 billion dollars in its first sale of foreign bonds in 21 months, the country basically acknowledged that its credit-line negotiations with the IMF had failed to bear fruit.The bonds, offering yields of 5.4 percent on the 10-year bonds and 4.2 percent on the five-year notes, were more costly than an IMF loan would have been, at around 2.5 percent, but Hungary would not have received any money at all from the IMF if it stuck to its current economic policy. The IMF has charged Hungary with interfering in the independence of the central bank and has objected to measures taken by the Orban-led government to reduce the national debt and cut the deficit including nationalization of privately managed pension funds, special taxes levied on banks, telecommunications and energy companies and its forcing lenders to take losses on foreign currency loans issued to the public, which the IMF demanded be undone as loan conditions. Meanwhile, a high level of global liquidity and investor interest in higher-yield securities managed to counteract Hungary\'s junk-bond status with all three major ratings agencies, triggering demand for the bonds that was significantly in excess of the amount available. The 3.25 billion dollars obtained through the sale will be sufficient to service all of Hungary\'s debts through 2013 and possibly into the beginning of 2014, so it refrained from selling more than that amount. Analysts have said that Hungary picked the perfect moment to come forward with the bond sale given high investor liquidity and low yields on more stable securities. They warn, however, that investors are fickle and will pull out at the first signs of trouble, \"which could lead to a punitive market response,\" according to a Moody\'s statement. The IMF\'s permanent representative in Budapest Iryna Ivaschenko also warned that Hungary was \"susceptible to sudden changes in investor sentiment.\"  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hungary could stand on its own feet Arab Today, arab today hungary could stand on its own feet

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hungary could stand on its own feet Arab Today, arab today hungary could stand on its own feet

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday