EU warns Hungary to cut spending and deficit
„In particular, the envisaged expenditure-reducing measures should be entirely incorporated into the 2007 budget law,” according to the draft ruling. Hungary's deficit will continue to top budget rules for the next three years, the draft shows. Hungary's government must scale back spending in health care, pension and education and reduce debt „preferably before 2009,” according to the draft. This year, Hungarian debt was 68.5% of GDP, above the EU limit of 60%, the draft says. The level of total debt will deteriorate in the next two years and is estimated to be 71.3% of GDP in 2007 and 72.3% of GDP in 2008, according to government estimates, the draft said. (Bloomberg)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.