Almunia told a conference in Budapest today that “it will come as a surprise to no one that the budgetary situation in this country is somewhat grave.” Hungarian Prime Minister Ferenc Gyurcsány’s government is struggling to cut the European Union’s widest budget deficit. “The recent, major fiscal slippages now bring this year’s deficit to around 10% of GDP, generating a pressing need for action,” Almunia said, according to the prepared text of his speech. (Bloomberg)
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