Hungary Shows IMF Threatens Europe Growth, CEPR Says
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Europe’s recovery is at risk as the International Monetary Fund refuses to give way on fiscal goals, threatening to impede growth for bailout recipients like Hungary and Greece, the Center for Economic and Policy Research said.
The IMF and European Union on July 17 abandoned talks on the continuation of Hungary’s 20 billion euro ($26 billion) rescue program after Prime Minister Viktor Orban failed to convince lenders his government is committed to budget cuts. Orban last week said the country must “restore its economic self rule” and focus on growth. The fund is also demanding austerity measures of Greece in return for financial support.