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Almunia says Hungary holding to conditions of financial support package

Hungary is holding to the conditions attached by the International Monetary Fund and the EU to €6.5 billion in financial support, European Union Commissioner for Economic and Monetary Affairs Joaquin Almunia said on Wednesday, after the European Commission published an assessment of Hungary's convergence program.

The Commission acknowledged improvements to Hungary's balance in the assessment, but warned that continued structural reforms were needed to make public finances sustainable. In the short term, Hungary should keep sufficient buffers and take steps to keep the fiscal deficit under 3% of GDP. (MTI – Econews)