December 8th, 2011

Fellegi said stepping down as national development minister to focus on IMF talks

Hungary’s Minister for National Development Tamas Fellegi has asked to be relieved of his duties as minister, citing his heavy work schedule and the need to focus on his task of heading the government’s delegation in talks with the International Monetary Fund.

Fellegi told a news conference on Thursday that he was ready to enter high-level negotiations with the IMF and the European Union next week.

He said that he had asked Prime Minister Viktor Orban on Wednesday to initiate his resignation with the president.

Government spokesman Andras Giro-Szasz said the prime minister will discuss the matter with Fellegi next week before making a decision. If he accepts Fellegi’s resignation, he will then decide who to appoint as his successor, Giro-Szasz added.

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  • Democrat

    Difficult to buy this reasoning. He has had no success in his role. I guess he is using this as an excuse to disassociate himself from our Dear Leader. Perhaps to make himself available for the job when OV finally falls on his sword.

    • Leto

      Are you bored with your wishful thinking all the time, postcommie? :D

      • Leto

        Aren’t you

      • Viking

        Maybe as bored as Lajos Kosa, Fidesz vice president, who told Hungarian State TV in October 2006 the Hungarian Parliament had become the rubber stamp for an elected dictatorship and that after a further bout of tax rises planned for next year, Hungarians could rebel.

        “The budget will come and further austerity measures worth 1,000 billion forints ($4.6 billion) will come too and then in the spring all of us will be chased out (from parliament), all of us, because a general uprising may break out in the country”

        Given The Supreme Leader’s 18-months track record, maybe “then in the spring all of us will be chased out (from parliament), all of us, because a general uprising may break out in the country”?

      • democrat

        Your name calling is undignified. You would be surprised to know that my political alignment is right wing. My big disappointment with FIDESZ is that they claim to be right wing but do not act that way. Vilifying foreign investment, nationalisation, centralisation of government are all left-wing activities. The sad fact is that the level of dissatisfaction in this country is rising and a large part of that is due to the woeful policies of the current team. That they inherited a mess cannot be igonred but we are two years down the road and the consensus is that they have made things worse.

        • Leto

          So are you, by any chance, not one of those Gyurcsány fans whose every second sentence is calling themselves democrats?

          “FIDESZ is that they claim to be right wing but do not act that way. ”

          Indeed. Fidesz-KDNP has grown into a huge party and their policies is a mix of left-wing and right-wing policies.

          Ah, that consensus… among who? The Hungarian electorate? Have a look at the poll-tracker or the results of the by-elections.

  • MHL

    Tamas Fellegi is another example of an indifferent breed of Hungarian politician.
    Good riddance and the IMF are welcome to him. Our loss is their loss as they(IMF) will find out in due course.
    How on earth these stick insects have the gall in the first instance to claim they can represent people and country is a mystery.
    Hungary will go the way of Greece if it does not find a better caliber of pond life to represent its interests.

  • Leto

    Investors stampede for junk Hungarian treasury bonds…

    Hungary’s Government Debt Management Agency (ÁKK) has sold HUF 30 billion 3-month discount Treasury bills at an auction on Tuesday. The bid/cover ratio reached almost 4.0x, as primary dealers put in bids worth HUF 118.7 bn.

    Accepted yields were between 6.95% and 7.06%. The average yield was set to 7.03%, 32 basis points lower than yesterday’s benchmark fixing (of the series D120502 paper) but unchanged compared to the avg. yield at the previous auction a week ago.

    http://www.portfolio.hu/en/fx/hungary_sells_huf_30_bn_3-month_bills_mkt_continues_to_expect_rate_hikes.23432.html

    http://www.vg.hu/penzugy/tokepiacok/egymast-tapostak-a-befektetok-a-magyar-bovliert-364388

  • wolfi

    Compare this to German bonds:

    http://www.bloomberg.com/news/2011-12-14/german-two-year-note-yields-approach-record-low-before-today-s-debt-sale.html

    “Germany allotted an additional 4.18 billion euros of benchmark two-year notes at an average yield of 0.29 percent, down from 0.39 percent at the previous sale held Nov. 16. Investors bid for 1.43 times the amount of securities on offer, up from 1.13 last month.”

    A little difference in interest rates …

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