The tax increases are part of an austerity package that aims to reduce Hungary’s general government deficit from a targeted 8% of GDP in 2006 to 3%-3.5% by 2008. “I share the intention of the new measures adopted yesterday by the Hungarian parliament … and in general I welcome the intention stressed by the new government … to seriously tackle the excessive deficit and seriously adopt a credible and efficient adjustment path,” Reuters quoted Almunia as saying. “But I am not in a position today to assess the practical and concrete consequences of the measures announced,” he added.
Almunia was speaking in Brussels where EU finance ministers hold a meeting on Tuesday.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
