Hungarian bond yields soared above 10% yesterday after the government cancelled a bond swap auction, increasing fears the country will be the first in the EU to default on its debt.
Head of the International Monetary Fund (IMF) Christine Lagarde has warned the world economic outlook is "gloomy" and no country is safe from rising risks.
Struggling Hungary has moved to raise its benchmark interest rate from 6% to 6.5%, the highest ever level seen in the European Union, in order to protect its currency.
The International Monetary Fund (IMF) today denied reports it is planning a £500bn rescue package for Italy and Spain.
IMF urges China to bring state-owned banking sector into line with international practices
The International Monetary Fund (IMF) has sounded a warning over the state of China's financial system.
The head of the IMF pleaded with China to support the eurozone as she warned the global economy is heading for a "lost decade".
The Chancellor George Osborne has pledged to stop cash from British taxpayers being used to fund the eurozone bailout.