Hungary to sell two billion Euros of motorway bonds
Friday, November 18, 2005, 13:37
Hungary to sell two billion Euros of motorway bonds, the daily Napi Gazdaság reported, citing Judit Tóth, an economy ministry spokeswoman. The government cut the sale plan from as much as 3 bln euros after the European Union ruled that Hungary couldn't use bonds to finance road projects that are more than half completed, Tóth said, according to the newspaper. Prime Minister Ferenc Gyurcsány wants to upgrade and extend the country's 650 kilometers (404 miles) of motorways. The government raised its budget deficit forecast to 6.1% of gross domestic product from 4.7% after the EU forced it to include the cost of building roads in the budget.