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Hungary could meet Maastricht criteria by 2008, FinMin says

By boosting GDP growth and cutting central expenditures, Hungary will be able to reduce its public sector deficit by Ft 700 billion, or €2.8 billion, to 3% of its GDP, Finance Minister János Veres told a business conference in Budapest on Monday.

The minister reiterated that Hungary would be able to meet the Maastricht criteria by 2008 and join the euro zone two years later. Veres said that wage taxes could only be cut in line with the ongoing five-year tax reform, without endangering economic growth and central expenditures. The minister said that real wage increases should by no means exceed the economic growth rate in the coming years.