Hungary future IMF negotiator, Mihály Varga, expects formal negotiations with the International Monetary Fund (IMF) and the European Union on a financial assistance program start as soon as early summer thanks to meeting the preconditions for the talks.

European Union finance ministers adopted a Commission proposal to suspend Cohesion Fund commitments for Hungary from 2013, Margrethe Vestager, Danish Minister for Finance, told a press conference on Tuesday.

The European Commission found that financing granted to Hungarian flag carrier Malév between 2007 and 2010 in the context of its privatisation and renationalisation constitutes illegal state aid and must be repaid to the state.

EU executive José Manuel Barroso has called on Hungarian Prime Minister Viktor Orbán to ensure that the nation’s Central Bank remains independent despite a controversial reform that gives the government more control over the bank.

Preparatory talks between Hungary's government, the IMF and the European Union on a precautionary loan were interrupted on Friday, Amadeu Altafaj Tardio, spokesman for Economic and Financial Commissioner Olli Rehn said.

Talks between the Hungarian government and international organizations about a financial safety net began this Tuesday. Despite earlier government statements, Hungary is likely to get a credit facility with the same conditions as in 2008.

Hungary’s central bank (MNB) has raised its key policy rate by 50 basis points to 6.50% on Tuesday, in line with expectations. Although today’s rate call was in line with expectations, it does represent a turnaround in monetary policy.

Hungary is striving to expand its strategic cooperation with India both in terms of trade and joint investments, Deputy State Secretary in Hungary’s National Economy Ministry, Balázs Hidveghi told a conference on India this Wednesday.

The American Chamber of Commerce in Hungary (AmCham), established in 1989, aims “to be the leading representative for US and international business in Hungary, and to promote the global competitiveness of the country”.

Hungary expects to sign a new agreement with the International Monetary Fund (IMF) and the EU early next year, the country's Economy Ministry said on Friday. Hungary, in a reversal of policy, wants to see the IMF act as an "insurance".

The National Bank of Hungary believes the recent depreciation of Hungary’s forint is not justified by the fundamentals of the country’s economy a gradual tightening of monetary conditions may become necessary in Hungary.

Attaining the 1.5% GDP growth targeted for 2012 will be "extremely difficult", Hungarian Prime Minister Viktor Orbán said at the London School of Economics on Thursday. The EU projects Hungarian GDP to be 0.5% next year.

Hungarian-born American billionaire investor György (George) Soros said in Budapest this Thursday that the current euro crisis has the potential to destroy the cohesion of the European Union, mainly due to its political nature.

The chairman of the Portuguese-Hungarian Chamber of Commerce, László Hubay Cebrian talks to Diplomacy and Trade about how the organization wishes to enhance business ties between the Potuguese-speaking world and Hungary.

Hungary will have the crisis taxes phased out as of 2013, a National Economy Ministry deputy state secretary confirmed earlier reports on Tuesday. The sectoral taxes are expected to generate HUF 1 billion in 2012.