Hungary has regained its economic sovereignty. Will other countries follow Hungary’s example?
Via Neon Nettle:
Hungary, in 2013, finally kicked out the International Monetary Fund (IMF) from its country. In July it announced its plans to repay the IMF bailout and for it to vacate the Budapest office. By August the same year, the Central European country had indeed arranged early payment of the loan.
A kindly worded letter from Gyorgy Matolcsy, the head of Hungary’s Central Bank , asked Managing Director, Christine Lagarde of the International Misery Fund, as some have fondly nicknamed it, to close the office as it was not necessary to maintain it any longer…
Hungary borrowed €20 billion loan to avoid becoming insolvent during the economic crisis in 2008. But the debtee debtor relationship has not been smooth sailing… Paying the loan back early has meant Hungary have saved €11.7 million worth of interest expenses, but Gordan Bajnai, leader of the electoral alliance E14-PM, claimed that they had actually lost €44.86 million by March 2014 because of the early repayment as all they did was replace the loan from the International Mafia Federation (another nickname, we’re still talking about the IMF here) with a more expensive one, labelling the stunt as Propaganda.
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Contributed by Neon Nettle of www.neonnettle.com.