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Hungary may be the first EU member state to take IMF loans since the UK in the 1970s (Photo: EUobserver)

IMF ready to bail out swooning Hungary

Hungary may be the first member of the European Union to be bailed out by the International Monetary Fund (IMF) since Britain was forced to take out a €3 billion loan in 1976.

Hungary's forint slid sharply last week to its lowest level against the euro in two years, while the Budapest Stock Exchange saw heavy losses and investors were taking money out of the country.

The forint did however regain some ground on Monday, largely in reaction to the financial rescue plan announced by ...

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Hungary may be the first EU member state to take IMF loans since the UK in the 1970s (Photo: EUobserver)

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