30 October 2008

Ah, the kids forget so easily ...

The Guardian seems to have forgotten something rather important:
The International Monetary Fund, the European Union and the World Bank announced a huge rescue package for Hungary yesterday in an attempt to save central Europe's former economic powerhouse from bankruptcy.
The $25.1bn (£15.3bn) bail-out, which was much larger than expected, aims to help restore investors' confidence in the country's financial markets and the forint, and marks the first time that an EU member state has been rescued by the IMF.

No, it doesn't. A certain country was rescued in 1976 with an IMF loan. BusinessWeek is a better guide.


Kirk Elder said...

The Guardian is wrong in many regards, but as the EU was only formed in 1993, it may not be as wrong as it seems in this instance.

stuart w said...

Well spotted, Kirk Elder.

On the other hand, the point could conceivably be read as referring to states before and after they became EU members, particularly when the EU morphed out of the ECC, or whatever its previous incarnation was called.

I say a score draw between you and HW!