Hungary Planning To Cut Ties With IMF

Hoping to pay back loan early


Asserting its economic sovereignty, Hungary plans to pay back an IMF loan early and wants the fund to shut its office in Budapest.

Hungary's ability to avoid the austerity programmes forced on many of its European neighbours will be the main selling point when the government bids for re-election next year.

Central bank governor Gyorgy Matolcsy has written to IMFManaging Director Christine Lagarde to say Hungary is considering an early repayment of the money it still owes from a 2008 loan that saved the country from bankruptcy.