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Hungary Sees ‘Realistic’ 10 Billion-Euro IMF Deal, Nemzet Says

Hungary would like to secure its financing over the next two years with a 10 billion-euro ($13.1 billion) International Monetary Fund credit line, Magyar Nemzet said, citing Mihaly Varga, the prime minister’s chief of staff.

“Based on the most realistic scenario that’s in front of the government, an IMF credit line of at least 10 billion euros would secure financing during the remaining two years of the current government cycle,” Varga said in an interview with the Budapest-based daily newspaper published today.

For a longer period than two years, a credit line of between 15 billion euros to 20 billion euros is “also imaginable,” Varga said.

Hungary may delay certain investments or developments and may further cut ministries’ spending in the 2012 budget “if push comes to shove,” according to Varga.

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