IMF says it is ready to help troubled Hungary

BRUSSELS, Belgium_Hungary may become the first European Union nation to seek loans from the International Monetary Fund after the Washington-based fund said Monday it stood ready to offer financial assistance. The IMF said it was in close talks with the Hungarian government and EU officials on how Hungary could cope with the "stress experienced over recent days" on the market for Hungarian state securities. The Hungarian currency, the forint, tumbled last week to a two-year low against the euro as investors shifted money out of the country. The EU executive has criticized Hungary for its handling of its economy. It has the largest budget deficit in the 27-nation bloc, running at 5.5 percent in 2007. EU finance ministers and the European Commission welcomed the... [read full story]