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European Commission report gives Hungary's budget bad marks

on Tuesday. The report would offer new recommendations to Hungary on reducing its deficit, since the country is currently in the midst of an excessive deficit procedure. Austrian Finance Minister Karl-Heinz Grasser, the chair of the monthly meeting in Luxembourg, said the report was critical of Hungary's performance. Unless Hungary improves its fiscal policy, Grasser said he expects to take "concrete measures" during the first half of next year when Austria holds the EU's rotating presidency.