'No Longer Necessary': Hungary Wants to Throw Out IMF

A long-running dispute between Hungary and the International Monetary Fund escalated on Monday when the head of the country's central bank called on the IMF to close its office in Budapest, saying it was no longer needed.

Hungary getting rid of Banks [Breaking News]

I was alerted to a change in the banking sector by lets say someone who is making a change and also organizing a movement for change. This person told me to Google certain aspects of finance and said the entire system is on the verge of collapse and that there were parties in place that were in the process of foreclosing Banks and certain Governments.

Essentially the change we have all been hoping for might very well be around the corner. All this stuff is happening now

UPDATE 2-Hungary PM says banks to foot the bill of fx loan relief

BUDAPEST, Sept 6 (Reuters) - Hungary's prime minister, seeking re-election next year, warned the country's banks on Friday that the government would "eliminate" foreign currency mortgages unless banks helped borrowers deal with their losses. The loans, totalling over 11 billion euros, have become a major burden for households after repayments surged in the wake of the 2008 financial crisis. Viktor Orban's government has now raised the stakes for the country's mostly foreign-owned banks after weeks of talks.

www.cnbc.com...

Can anybody offer some more insight on these developments? Because this seems pretty important, If Hungary has the balls to pull this off it could start a chain reaction that frees us all from debt or at the very least offer a sanctuary from tyranny and debt slavery.

Thoughts?

This seems like pretty good news.

But let me be the first to say...
The war on Syria has been paused. Next, the invasion of Hungary.

I would suggest that Mr. Orban stay out of small aircraft and refrains from driving on quiet roads, especially at night!

I heard about this a few weeks back. Good news and one in the eye for the IMF. I am sure Hungary will not be alone in this. In fact, hasn't Russia also pretty much told the foreign bankers to go take a hike as well?

A flag and a star to this thread, 100s of flags and stars to the news if true !

I`m a portuguese and I sure would love my country get rid of bad and corrupt politicians who are just at financial system service.

I sure would love Portugal could get rid of IMF.

Kalmah
This seems like pretty good news.

But let me be the first to say...
The war on Syria has been paused. Next, the invasion of Hungary.

Exactly what I thought when i first read about it.

If word of this gets out to the masses its going to be pandemonium. And this is only 2 days old

reply to post by TiM3LoRd

This is a very cryptic article imho.

Seems like he is saying that Hungary may not repay mortgages which originate from foreign banks and that these banks should modify the terms of the loans.

The loans, totalling over 11 billion euros, have become a major burden for households after repayments surged in the wake of the 2008 financial crisis. The prime minister said the banks should modify the contracts and bear most of the losses resulting from exchange rate swings on the mortgages, mostly denominated in Swiss francs, by November or else the government would act.

I guess they were variable rate mortgages whos rates increased?

This would lead to a gradual and full conversion of the loans into forints by forgiving part of principal payments on foreign currency mortgages and extending an earlier scheme that allows monthly repayments below the market rate.

So his government basically said, people are not obligated to repay foreign loans?

Not sure how one would convert foreign currency denominated loans into his local currency or how that would help, maybe removing the control over the currency by foreign central banks?

...Hungary faces the risk of capital withdrawals if the U.S. central bank starts reducing its supply of cheap money.

I suppose this is a reference to the IMF? Threats to cut off loans to Hungary?

Looks like this may simply be a big get lost to foreign banksters much in the same way Iceland told them to hit the bricks

Britguy
I would suggest that Mr. Orban stay out of small aircraft and refrains from driving on quiet roads, especially at night!

I heard about this a few weeks back. Good news and one in the eye for the IMF. I am sure Hungary will not be alone in this. In fact, hasn't Russia also pretty much told the foreign bankers to go take a hike as well?

I think you will find that people with nothing left to lose have that much less to fear.

Seems like the greedy fools overreached and are now feeling the bite of an educated backlash.

Syria has kind of blown up in their face. looks like the rats are stating to worry about the sinking ship lol

gladtobehere
reply to post by TiM3LoRd

 

This is a very cryptic article imho.

Seems like he is saying that Hungary may not repay mortgages which originate from foreign banks. Sounds reminiscent of Iceland.

The loans, totalling over 11 billion euros, have become a major burden for households after repayments surged in the wake of the 2008 financial crisis. The prime minister said the banks should modify the contracts and bear most of the losses resulting from exchange rate swings on the mortgages, mostly denominated in Swiss francs, by November or else the government would act.

I guess they were variable rate mortgages whos rates increased?

All variable rate home loans are subject to change at the behest of the bank they are mortgaged with, just because the corporations (and that is what they are) lending the money to the banks are lending at a lower rate doesnt mean the banks have to pass on that rate cut by default. They can choose to do so or not. Same goes for the fixed rates they offer its totally at the discretion of the individuals banks how much and how soon they pass on the rate cut.

TiM3LoRd
Hungary getting rid of Banks [Breaking News]

Not seeing anything in either this post, nor the source article, that backs up the claims of the thread title.

reply to post by TiM3LoRd


my god does it feel good to read that.

Maybe our own countries leaders can get their heads out of their asses and stop fearing dracula looking moronic bankers in fancy clothing ...I mean there are several billion of us and we have armies.....

alfa1

TiM3LoRd
Hungary getting rid of Banks [Breaking News]

Not seeing anything in either this post, nor the source article, that backs up the claims of the thread title.

Essentially they want to print their own money and offer it at no interest.

This would make banks a profitless organization and thus moot and pointless. They only exist to generate debt or new money.

They also are planning on closing the IMF office in Budapest.

Budapest has announced it is considering paying back its bailout loan from the International Monetary Fund early as well as closing the IMF’s Hungarian office. Gyorgy Matolcsy, president of the central bank, said in a letter to the IMF Managing Director Christine Lagarde that, while they appreciated “the valuable support” the fund had given Hungary, the stand-by credit programme “is almost complete”. As such, Mr Matolcsy said, it was no longer necessary for the IMF to keep an office in Hungary. The IMF said its representative in Hungary was due to leave soon anyway. Hungary still owes $2.125 billion (£1.4 billion) to the IMF from its original credit line of $25.5 billion (£16.8 billion). AP

Hungarian central bank wants IMF to leave after it pays back bail-out loan

Okay, so once Syria and Iran are dealt with, looks like we will be bringing "regime change" to our hungarian brothers and sisters.

OneManArmy
Okay, so once Syria and Iran are dealt with, looks like we will be bringing "regime change" to our hungarian brothers and sisters.

Dont laugh it could very well happen.

If this gets serious or TPTB consider this a threat to them they will deal with this with extreme prejudice.

reply to post by TiM3LoRd


S&F! I've been keeping tabs on Iceland since they got rid of the world banks, and their economy is rapidly growing, but no news about it in the MSM.
I'm getting all giddy now hearing Hungary is doing the same. It only takes one to stand up and eventually the rest will follow.

reply to post by TiM3LoRd


The Hungary's prime minister, better be careful what he is proposing and promising, because the Federal Reserve is the IMF and that means that when countries do not play by the rules of the NWO they will be destabilized with a coup and then bomb into submission.

TiM3LoRd

OneManArmy
Okay, so once Syria and Iran are dealt with, looks like we will be bringing "regime change" to our hungarian brothers and sisters.

Dont laugh it could very well happen.

If this gets serious or TPTB consider this a threat to them they will deal with this with extreme prejudice.

Oh believe me, Im NOT laughing. Im deadly serious on that one.

I think a coup would happen first. A previously unheard of group of "protesters" will somehow become powerful enough to overthrow and replace the leadership. I wonder who will prop up and support those protesters? Hm...

Is there any possible reasons why military action could be justified against Hungary? I can't think of any off the top of my head, which makes me think a coup instead.

tadaman
my god does it feel good to read that.

Maybe our own countries leaders can get their heads out of their asses and stop fearing dracula looking moronic bankers in fancy clothing ...I mean there are several billion of us and we have armies.....

There are several billion of us .... but .... the banksters have our armies (and our politicians) by the balls.

Interestingly, I was doing some research and came across political cartoons created in the aftermath of the 1929 crash. I'll have to second source verify, but it appears that the "bailouts" (and much of the current political behavior) were a phenomena that originated over 80 years ago after the first crash.

SalientSkivvy
reply to post by TiM3LoRd

 

S&F! I've been keeping tabs on Iceland since they got rid of the world banks, and their economy is rapidly growing, but no news about it in the MSM.
I'm getting all giddy now hearing Hungary is doing the same. It only takes one to stand up and eventually the rest will follow.

Hopefully the tipping point is reached soon. There are more people waking up to the lies daily. I hope this keeps going and more countries follow suite.

There was a thread about this recently.

I too wonder how long this will last before there are serious repercussions. I cannot imagine that they will be allowed to get away with it. All the best to them.