Hungary

Hungary's government has introduced a second version of its amended central bank legislation in the hope of making progress towards commencing official negotiations with the IMF and EU over a new external financing arrangement. While the previous amendment had led the EU Commission to accept that 'sufficient action' had been taken, the ECB and IMF still had reservations. Hungary's parliament will now reportedly vote on the new legislation on July 2, however, as has been the case before, even if it is passed swiftly, we cannot rule out further delays to negotiations.

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