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Budapest deficit rises to HUF 185 bln

Over the course of three months the calculations for the current term have risen HUF 25 billion to HUF 185 billion, the daily Magyar Nemzet reported.

The city has reduced its revenue forecast for 2010 by HUF 6 billion, the paper said citing mayoral consultant János Atkári. The town’s management has already announced the necessity for austerity measures last year, but seeing the numbers coming in since late 2010, it has become obvious that more cutbacks will be necessary, Atkári said. Consequently, 280 people will be made redundant at City Hall, operating expenses will be cut and the development plans will be revised.

Atkári added that the services performed by the city will be reduced to a minimum. Conditions in the city are set to deteriorate, but all the bills will be paid to avoid having to declare bankruptcy, he added.