AlHijjah 29, 1432, Nov 25, 2011, SPA -- Hungarian Prime Minister Viktor Orban and his government have agreed that they should cooperate with the International Monetary Fund, the European Union and banks to stabilize the economy, Economy Minister Gyorgy Matolcsy said on Friday. According to Reuters, Matolcsy said the government would prefer a condition-free Flexible Credit Line (FCL) facility from the IMF, but that was apparently not an option, therefore Hungary would aim at either a Precautionary Credit Line or a Precautionary Standby Agreement. He said the talks would start in December. Speaking after credit agency Moody's downgraded Budapest's sovereign rating to "junk" status and triggered a fall in Hungarian markets, Matolcsy said markets were speculating against Hungary's currency, bonds, and CDSs.
