BUDAPEST--Hungarian officials wrote to the International Monetary
Fund, the European Central Bank and the European Union Commission
Wednesday to calm fears over a compromise on the country's central
bank law.
Bringing the law into line with IMF requirements and ensuring the
bank's independence is a precondition to official talks with the
bodies so Hungary can secure a credit line. Hungary wants a
precautionary package of around EUR15 billion ($18 billion) as a
backstop should international financing dry up.
"The amendments that address the concerns regarding the independence
of the central bank will be submitted to parliament Thursday," Mihaly
Varga, the chief negotiator and minister without portfolio said
Wednesday.
The government drafted five letters in total to the involved parties,
including one signed by Prime Minister Viktor Orban to European
Commission President Jose Manuel Barroso and another signed by the
head of parliament's economy committee Antal Rogan to EU Commissioner
Olli Rehn.
Hungary's central bank confirmed the government has accepted all
proposals regarding the National Bank of Hungary that are
preconditions to starting the negotiations.
Write to Veronika Gulyas and Gergo Racz at veronika.gulyas@dowjones.com
(END) Dow Jones Newswires
June 20, 2012 09:54 ET (13:54 GMT)
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