10/30/2008

Dominique Strauss-Kahn, managing director of the International Monetary Fund, said Hungary would receive a €12.5 billion stand-by loan, while the EU prepared to provide a €6.5 billion loan and the World Bank agreed to a €1 billion loan. "The Hungarian authorities have developed a comprehensive policy package that will bolster the economy's near-term stability and improve its long-term growth potential," Strauss-Kahn said. The Budapest Stock Exchange and the country's currency, the forint, surged on the news.

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