The European Union and International Monetary Fund walked away from loan negotiations with Hungary. Both said the country needs to further reduce its budget deficit before it can acquire additional bailout money, according to Wall Street Journal. Negotiators said Hungary will temporarily not be able to access the remainder of a 20 billion euro (USD25.9 billion) bailout package it won in late 2008.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.