Hungary Seeking Speedy IMF Bailout

Posted January 5th, 2012 at 7:25 am (UTC-5)
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Hungary is seeking a speedy bailout deal with the International Monetary Fund as the value of its currency, the forint, continues to fall.

A government spokesman , who is heading talks with the IMF, told reporters Thursday the government's intention is to reach a deal with the IMF “as soon as possible.”

Last month, Hungary and the IMF began talks toward a precautionary line of credit valued at between $19 million to $26 million to appease creditors.

Hungary's top negotiator says the government is ready to put everything on the bargaining table and negotiate without pre-conditions.

The government three years ago sought a $20-billion bailout from the IMF and the European Union when it faced similar financial straits.