Hungary and the IMF: not so fast

„Eighteen months ago he was telling the International Monetary Fund to get lost – and let Hungary and its newly elected centre-right government get on with their own, unique brand of economic policy, designed to promote growth and well-being for the nation.

A fortnight ago he was inviting them back for talks (well, it was announced via the ministry of economy’s website, but we all know who sanctioned that).

And on Friday morning he was on Kossuth Rádio, the state-owned broadcaster, confident that Hungary could reach agreement with the IMF »within a day.«

»As soon as we reach our goals, we can agree,« he said. Simple as that.

Presumably the prime minister had not read Friday’s FT before going on air. Had he done so, the ever-ebullient Orbán might have been just a wee bit more reticent. The IMF, it seems clear, will insist on a full, condition-laden standby agreement with Hungary, and all the preparation such an agreement entails.

Talks are likely to be especially drawn out, given Budapest’s steadfastness in insisting its unorthodox economic policies will lead to growth.”