EC Formally Proposes EUR 6.5 Billion Loan for Hungary

The European Commission on formally proposed making available a EUR 6.5 billion loan to Hungary to support the balance of its current account.


Hungary to Pay 0.25 pct Stand-by Fee, 5-6 pct Interest on EUR 20 Billion Support Package

Hungary will pay an annual stand-by fee of 0.25 pct and interest of 5-6 pct on a EUR 20 billion credit line from the IMF, the EU and the World Bank.


Parliament Adopts Law Introducing SPS Agricultural Subsidy System in 2009

Hungary's parliament has adopted a law stipulating the introduction of the Single Payment Scheme (SPS) agricultural subsidy system in the country next year. 


EBRD Supports Accord between Hungary and IMF

The European Bank of Reconstruction and Development (EBRD) is supportive of the agreement between IMF and Hungary.


There Is no Similarity between Hungary and Iceland, Central Bank President Says

National Bank of Hungary (NBH) president Andras Simor told television station CNBC on October 22nd 2008 that any comparison between Hungary's economic and financial situation and that of Iceland was entirely unfounded and unjustified. 


Hungary Protects Her Genuine Wine Brand Name

Hungary's government decided on 13th August 2008, to make international legal steps in order to protect the genuine Hungarian wine brand, "Tokaji". The name is bonded to the Northern Tokaj region and Hungarian oenologists claim that the geographical environment makes the local product inimitable. Italian rivals refuse the argument insisting on their interpretation that the brand name is only tied to a certain type of grape.

Government to Discuss Tax Cuts at August 21st 2008 Cabinet Meeting

The government will discuss tax cuts at a cabinet meeting on August 21st, Finance Minister Janos Veres said in an interview published in Monday's issue of the economic daily Vilaggazdasag.

News Monitoring