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Hungary to meet euro criteria in 2008

Hungary's coalition government parties have agreed to pass spending in the 2006 budget unchanged and to cut the budget deficit so as to reach euro criteria by 2008, Prime Minister Ferenc Gyurcsány said on Monday, Reuters reported. "The second agreement is that we will propose a programme in the next few years which aims to meet the Maastricht criteria by 2008, which aims to maintain the will to cut the budget deficit and to maintain this pace of deficit cuts (1.4 percentage points annually) in order that the euro could be introduced in 2010," Gyurcsány said according to the report. Gyurcsány declined to specify whether the government remained committed to the euro in 2010, Reuters noted. Gyurcsány has said recently that target would be formally reviewed in December and most economists say 2013-14 is a more realistic target.