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Hungary downgraded to ‘junk’ but says wants IMF deal 
Hungary may offer concessions to appease EU and IMF 
Hungary defiant in central bank dispute 
Government U turn as Hungary goes cap in hand to IMF Hungary’s next prime minister has promised bold steps to drag the country out of its deepest recession in decades.
Economy Minister Gordon Bajnai has said Hungary has to take drastic action if it is to avert bigger trouble. After lengthy negotiations between Hungary’s ruling socialists and their liberal allies, the non-aligned politician is expected to replace outgoing premier Ferenc Gyurcsany in mid-April. Gyurcsany quit earlier this month after admitting he had become an obstacle to reform. However, it remains uncertain whether Bajnai will get the support for austerity measures he needs. Last October, Hungary became the first EU country to secure an International Monetary Fund bailout worth 20 billion euros in an effort to avoid financial meltdown.More about: Hungary, IMFCopyright © 2012 euronews
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