Frayed nerves in Budapest?

2013. január 7. 8:52

Jonathan Wheatley
Financial Times
Prime Minister Viktor Orban has made no secret of his reluctance to bow to IMF policy constraints in order to reach a loan agreement.

"With such gains under its belt, Budapest may feel relaxed about the outlook for 2013. But if this week’s correction is anything more than a blip it will raise doubts about Hungary’s plans to raise €4bn to €4.5bn in foreign currency bonds this year. Any reversal in investor sentiment will certainly make it harder to stick to the plan to issue Hungary’s first eurobond in two years during the first quarter of 2013.

And there is more than a little reason to think investor sentiment may have changed. The prospect of an end to loose monetary policy in the US could, after all, pull the rug from a large part of the whole EM story over the past couple of years.

In the short term, however, it will take more than choppy markets to make Budapest embrace the IMF once again. Prime Minister Viktor Orban has made no secret of his reluctance to bow to IMF policy constraints in order to reach a loan agreement.

And he is unlikely to be in conciliatory mood after Hungary’s constitutional court forced him to withdraw plans to make voters register for parliamentary elections due in 2014, a move that was widely seen as a bid to strengthen his power – just the sort of thing the IMF objected to."

 

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