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EU members support Hungary deficit-reduction measures

European Union member states ensured their support for fiscal tightening Hungary is undertaking to bring its general government deficit under the required EU threshold at a meeting of Ecofin in Brussels.

EU finance ministers established -- with their approval of the European Commission's assessment prepared at the end of January -- that Hungary had taken sufficient measures thus far to bring its general government deficit under 3% of GDP by 2011.

Latvia, Poland, Malta, Lithuania and Romania also received good marks, and the ministers extended the deadlines for Lithuania and Romania to bring their deficit under the 3% threshold by one year. (MTI – Econews)