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Europe Update: Hungary Ready To Get Help From IMF
Hungary is said to be readying a letter of intent for IMF loan. The WSJ, citing sources familiar with the matter, reported that Hungary and the IMF are expected to outline conditions for a loan program later this week.
The Journal reports that according to Goldman Sachs estimates, Hungary would likely need ~€20 billion to meet its projected financing gap.
The WSJ added that Hungary has been under pressure from international markets to compromise. Recall that EU officials have said that they will not lend any money to Hungary until it revises a controversial central bank law.
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