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Hungary Eyes About 15 Billion Euros in IMF Aid, MTI Reports

May 7 (Bloomberg) -- Hungary needs to sign an agreement with the European Union and the International Monetary Fund for a three-year precautionary credit line of about 15 billion euros ($19.5 billion), said Mihaly Varga, Prime Minister Viktor Orban’s chief of staff, state-owned news service MTI reported.

The two institutions still need to define the conditions for starting negotiations on the financial aid, Varga said, according to MTI. Revenue from a planned financial-transaction tax, the details of which are yet to be worked out, will probably be about 150 billion forint ($682 million) per year, Varga said, MTI reported.

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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