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EU to give new deadline for deficit cut

The European Commission is expected to come out with new deadlines in October for Hungary to curb its public finance deficit, Commission officials said yesterday. The EC is likely to change its July recommendations, when it did not require any special measures to be taken, and be more critical of Hungary's growing deficit targets. Hungarian Finance Minister János Veres raised the 2005 deficit target to 6.1% of GDP from 3.6% including the costs of pension funds. (MTI; NG 2, Nb 12)