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Fidesz MPs support proposal to freeze HUF 200bn in reserves till Sept

The parliamentary group of governing Fidesz supports a proposal to freeze HUF 200bn in "country protection and interest risk" reserves in the 2012 budget bill until the end of September, group leader Janos Lazar said at a press conference on Monday.

Mr Lazar said Hungary’s growth outlook for 2012 would depend on the final forecast for growth in Germany, Hungary’s biggest trading partner. There will not be any need for big changes to the 2012 budget, but if change is necessary, raising reserves could provide a solution, he added.

Asked if National Economy Minister Gyorgy Matolcsy still enjoyed "100%" of Fidesz MPs’ support, as Mr Lazar said a week earlier, he said on Monday that the minister has "110%" of the group’s support. Confidence in Mr Matolcsy has been boosted by the "events of the last week", he added.

Hungary was downgraded under "investor status" by Moody’s late Thursday.