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Govt ‘saved economy from bankruptcy’ - EcoMin

Hungary's center-right government has brought Hungary's economy back from the brink of bankruptcy, which had threatened it in 2010, Economy Minister György Matolcsy told a conference on Thursday.

Matolcsy told a meeting of diplomats that Hungary had been in a leading position in the middle of 2002 - when the Fidesz party was last in power (1998-2002) - but its economy had dramatically deteriorated thereafter due to bad economic policymaking.

Now the country has begun to forge ahead, he said.

He said that the essence of economy policy now was to bring the aims of the market and capital in line with one another, while at the same time everything must be done to boost growth.

The minister added that the policy had two pillars supporting financial consolidation: expanding employment and growth.