BUDAPEST: Hungary is seeking an international credit line of 15-20 billion ($20-26.3 billion), the secretary of state heading the Prime Minister's Office, Mihaly Varga, was quoted on Saturday as saying.

Hungary is seeking the backup from the International Monetary Fund and the European Union to reassure investors it has financing even if it gets cut off from debt markets later this year.

The country's currency, the forint, sank to a record low against the euro a month ago, and its government bond yields rose above 11% on concerns that amid the eurozone crisis it may not be able to finance central Europe's highest debt burden compared to its economic output.

Source : economictimes.indiatimes.com