Poland and Ukraine bailed out by the IMF - Hungary asks for 'precautionary' bailout

In a tragic effort to postpone as much as possible the reality of default and their cause, which is insolvency, the IMF is bailing out Poland and Ukraine. Hungary asks for a 'precautionary' bailout, in a typical "I want free money too".

Remember though: in the real world, there's only two way out of debt: paying it back, or defaulting on it. You can postpone any of the two, but not both.

OK, let me make a wild guess, without further Googling: some kind of general election is planned in Hungary within 12-18months.
That should be the reason the current government wants the precautionary bailout, so they don't need to announce any belt-tightening before that, and that they can keep on buying votes from the lemmings.

Anyone knows the answer?

IMF Board Approves $20.4 Bln Flexible Credit Line For Poland
WASHINGTON (Dow Jones)--Poland won approval from the International Monetary Fund for a one-year, $20.43 billion flexible credit line, the IMF said Friday.
Polish authorities told the IMF that the credit line--more than the $19 billion that the government had originally sought--is intended as a precautionary arrangement
Hungary to ask for 'precautionary' €10bn–€20bn bailout from EU and IMF

  • Budapest seeks new credit line in case European economic situation deteriorates
  • Country will run larger deficit than planned next year

IMF Announces Staff Level Agreement with Ukraine on US$14.9 Billion Stand-By Arrangement
The mission has reached a staff-level agreement with the authorities of Ukraine on an economic policy program that can be supported by a 2½ year Stand-By Arrangement in the amount equivalent to SDR 10 billion (US$14.9 billion). The agreement reached with the authorities is subject to approval by IMF Management and the Executive Board.

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