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Bloomberg.com: Hungary Seeks $230 Billion Package for Eastern Europe

Hungarian Prime Minister Ferenc Gyurcsany wants the European Union to arrange a package of as much as 180 billion euros ($230 billion) to help east European economies, banks and companies weather the financial crisis.

The proposal along with the pledge of 24.5 billion euros from the World Bank and two other international organizations for east Europe's banks and businesses helped push up currencies and stocks in the region.
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A "European Stabilization and Integration Program" would include short-term financing for governments, coordinated restructuring for private debt, the recapitalization of banks and liquidity for companies in as many as 12 countries, Gyurcsany said. He will present the plan at a March 1 EU summit in Brussels.

The program would aim to help EU members Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland and Romania; two non-EU states, Croatia and Ukraine; and two euro- region economies, Slovakia and Slovenia, Gyurcsany said.
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To help mitigate currency risk, Gyurcsany is also proposing faster euro adoption for eastern EU members. While economic terms including controlling inflation rates and budget deficits shouldn't be eased, the time needed to spend in the pre-euro test of currency stability known as the exchange-rate mechanism could be shortened from the current two years, he said.



"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Fri Feb 27th, 2009 at 08:14:00 AM EST
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