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Orban and EC President Barroso (Photo: ec.europa.eu)

Hungary reaches out for ‘precautionary’ EU-IMF rescue

The European Union and the International Monetary Fund have confirmed that Hungary has approached them seeking “precautionary” assistance as its borrowing costs climb.

The bloc and the Washington-based lender on Monday acknowledged that they had received a request from Budapest for help, although no details or projections of the required funds were revealed.

The move is a sharp U-turn on the part of Prime Minister Victor Orban conservative and staunchly nationalistic government.

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