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IMF confirms to resume talks with Hungary

A month or so ago, Hungary told the IMF to take their austerity and shove it, but they appear to be softening that line as the current IMF lending program draws to a close.

The IMF says it will engage with Hungary with a view toward bridging remaining differences, according to a Reuters headline. The news is modestly EUR supportive as Hungarian funding problems would weigh on Euro zone banks…

By Jamie Coleman  || August 24, 2010 at 18:58 GMT
Category: All, Americas, Politics/Policy, Regions || Tags: , || 8 comments || Add comment
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IMF pushes blue sky view of Greek achievements

WSJ Blog: The Source

By Gerry Davies  || August 9, 2010 at 15:42 GMT
Category: All, Economy, Europe, Mkt News, Politics/Policy, Regions || Tags: , || 3 comments || Add comment
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IMF: Spanish outlook uncertain; recovery likely to be weak and fragile

  • GDP seen falling 0.4% this year, growing 0.6% next year, rising 1.7% in 2012
  • Deficit to fall to 7% of GDP next year, 1% above target
  • Spain says IMF forecast too pessimistic
  • IMF says banking reform needs to be accelerated

Pretty downbeat by IMF statndards as the genrerally try not to trod on too many toes…

EUR/USD is firm , however, at 1.3065.

It’s all about position squaring at this point. Most will wait until next week for fresh spec activity.

By Jamie Coleman  || July 30, 2010 at 16:03 GMT
Category: All, Americas, Mkt Talk, Regions || Tags: , , || 15 comments || Add comment
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IMF: Chinese inflation benign, less need to hike

  • China worried about long-term impact of budget cuts in west will hurt growth
  • More cautious about ending fiscal stimulus due to Europe woes
  • China thinks yuan has never been closer to equilibrium level

Still 40% under-valued, but never been closer to equilibrium! Kinda like saying I’ve never been closer to being 7-feet tall…

EUR/USD is near the upper end of the days range, underpinned by solid risk appetite despite stubbornly high jobless claims. Traders say yesterday’s pullback in US equities could have been much worse and are taking comfort in the mild dip.

By Jamie Coleman  || July 29, 2010 at 13:05 GMT
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IMF repeats CNY substantially undervalued

  • New currency regime is appropriate
  • Currency account surplus will rise in next 5 years, not consistent with balanced economy
  • China disagrees with IMF view on current account trajectory (over 8% of GDP in 5 years)
  • Consumption growth needed to balance Chinese economy
  • Recent data suggest increase in consumption
By Jamie Coleman  || July 28, 2010 at 13:33 GMT
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IMF: Budget cuts could cut EZ growth in coming years

  • FX rate is roughly in line with fundamentals
  • sovereign risk likely to slow recovery in near-term
  • heightened downside risk to euro zone growth
  • Could see sharp weakening in growth in H2 of 2010 if confidence does not recover
  • ECB can keep monetary policy very supportive
By Jamie Coleman  || July 21, 2010 at 16:36 GMT
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Hungary’s IMF revolt augurs ill for Greece

Latest from AEP at The Telegraph.

By Gerry Davies  || July 20, 2010 at 05:17 GMT
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Moody’s: Hungary’s current credit rating appropriate at this stage

  • Expects Hungary government to reach an agreement with international lenders in the autumn
By Gerry Davies  || July 19, 2010 at 11:19 GMT
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Hungary EconMin: Expects to eventually reach agreement with IMF/EU – CNBC

  • Hungary will have budget deficit figure of below 3%/GDP next year
  • We will negotiate the size of bank levy for 2011 and 2012
  • Expects lenders to return for talks in September
By Gerry Davies  || July 19, 2010 at 10:10 GMT
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IMF: Greece on track

Greece is making progress toward putting its budget on a sustainable path and the economy is slowing in-line with the funds expectations. Hospital and social security spending remain risk areas for the government, the IMF says.

By Jamie Coleman  || July 16, 2010 at 18:40 GMT
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