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Budapest city council wants gov't help for BKV

he municipal council of Budapest wants the government to take over a 50% stake in the city's public transport company BKV while sorting through its HUF 77 billion in bank loans and giving it HUF 19 billion necessary for its further operation, mayor István Tarlós said at a press conference on Thursday.

“That is all we are asking of the government and we have no other requests. We want to solve all of the rest of our problems ourselves,” he added.

Money has to be “pumped into” BKV now in order to allow it to become more cost-efficient and profitable later, Tarlós said.

Without government intervention, BKV will go under this year, he said. If the company “must go under”, it would be better for it to take place sooner, for political reasons, rather than in 2-3 years, he added.

BKV's internal debt is at about HUF 800 billion because of amortized assets that should have been replaced, Tarlós said. (MTI-Econews)