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Hungary concession paves way for bailout talks

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Hungary concession paves way for bailout talks

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The EU and Hungary appear to have put a five-month dispute to bed after Budapest agreed to change a law criticised for undermining the independence of the country’s central bank.

The deal paves the way for the resumption of talks over a 20 billion euro IMF bailout.

The breakthrough follows Tuesday’s visit by Hungary’s Prime Minister Viktor Orban to Brussels for meetings with European Commission President Jose Manuel Barroso.

Earlier, Europe’s executive arm said it was now satisfied with Budapest’s assurances that its central bank law would be brought back into line with the rest of the bloc.

While EU officials said obstacles to agreeing the IMF loan remain, the apparent truce ends months of acrimony between Brussels and Budapest.