Hungary Offered Package Similar to Mexico in 1995
The IMF, the World Bank, and the EU have offered Hungary a financing package totalling $25.1 bn -- around 18% of 2007 GDP. This is in line with the package offered to Mexico by the IMF and the US during the Tequila Crisis ($51.8 bn or 18% of GDP) and significantly more than the package made available to Brazil in the 1998 crisis ($41.8 bn or just 5% of GDP). The table below shows additional details:
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Actually, there are two main problems;
- %GDP it is 18% same as in case of Mexico, but unlike there the world economy is not advantageous now, as it were in 1997 and later,
- the Hungarian economy is damaged by the present government, it is practically ruinned in the last 6 years, this will halt the development and even the next year budget accepts recession,
- the government is not supported by the population and it is illegitime
Posted by: Gabor | Nov 26, 2008 10:54:15 AM