After nearly two weeks of meetings with senior Hungarian officials, the IMF and EU teams on Saturday called an abrupt halt to the discussions. They said Hungary couldn't have access—for now, at least—to the remaining funds in a 20 billion euro ($25.9 billion) loan package secured in late 2008 to rescue the country from a financial meltdown.
The rebuke to Hungary represents a warning to governments across Europe that the IMF and EU won't tolerate backsliding by borrowers on budget-cutting. The decision, which effectively withdraws the international safety net under Hungary's tentative recovery, also risks unsettling currency and debt markets.'
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