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Varga Ready to Exercise Fiscal Veto if Debt, Deficit at Risk

Debt

Image by Alexandros Michailidis / Shutterstock.com

Finance Minister Mihaly Varga, as the head of a new budget working group for fiscal discipline, said he would exercise a veto right over allocations if he saw that they would put the general government deficit or state debt levels at risk, fielding questions from journalists on Thursday, according to a report by state news wire MTI.

The establishment of the budget working group for fiscal discipline, tasked with the "strict defense of the budget balance", was announced earlier in the week. 

Responding to a question about a government decision assigning Economic Development Minister Marton Nagy to helm the economy cabinet, earlier headed by the finance minister, Varga drew a comparison to football, in which players' positions are decided by the coach.

"That's how the government works, too: there's a prime minister and he determines the scope of the work," he said.

He pointed to the importance of reducing the budget deficit and cutting state debt levels and said narrower resources required more efficient allocation as the economy went through a difficult period.

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