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Veres to meet with Fitch on economy

Finance Minister, János Veres, is meeting Fitch analysts today to discuss the status of Hungary's national economy. Speaking on public television earlier this week, Veres expressed dismay over the course of action taken by Fitch when the credit rating agency published a rather negative outlook on Hungary's Euro zone accession plans prior to consulting the ministry on Monday. The convergence report concluded that meeting this year's fiscal targets seem beyond reach for Hungary in spite of a significant decrease in inflation and forint interest rates over the past 12 months, which makes 2011 a more likely year for adopting the Euro than the government's target of 2010. According to Fitch, Estonia, Lithuania and Slovenia are likely to meet the Maastricht criteria by mid-2006 and be ready to join the Euro zone in January 2007. (Vg 3) P.P.