BUSINESS

Viktor Orban Unfriends IMF: Hungarian PM Cuts Facebook Ties With IMF, Rejects Alleged Loan Conditions

09/06/2012 12:56 EDT | Updated 11/06/2012 05:12 EST
AP
Hungary's Prime Minister Viktor Orban arrives for an EU Summit in Brussels on Thursday, June 28, 2012. European leaders gathering Thursday in Brussels are set to sign off on a series of measures to boost economic growth but expectations of a breakthrough on the pooling of debt have fallen by the wayside. (AP Photo/Virginia Mayo)
BUDAPEST, Hungary - Hungary's prime minister has just used Facebook to unfriend the International Monetary Fund.

Viktor Orban said Thursday in a brief video message on his official Facebook page that Hungary could not accept alleged conditions such as pension cuts and the elimination of a disputed bank tax in exchange for a loan of around $15 billion ($18.9 billion).

Orban said his government would work on an "alternative negotiation proposal" but that a deal under such IMF demands would be unacceptable. He said, "At this price, not like this."

On Wednesday, Orban told journalists negotiations with the IMF and the EU were going according to schedule and both sides were willing to reach an agreement.

The Hungarian economy is in recession and its annual inflation rate is the highest in the EU.

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