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Motorway bond issue cancelled

The government has decided to cancel preparations for a Euro 3 billion bond issue aimed at financing motorway construction in 2005 and 2006, Finance Minister János Veres said yesterday. The State Motorway Management Company (AAK) planned to issue the bonds and had selected Deutsche bank and Citigroup to prepare the transaction. The cancellation comes a little more than a week after the EU statistics office said Hungary could not move its motorway construction costs off-budget in a public-private partnership scheme, for which the bonds were to be issued. (Econews; NG 3)