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Hungary govt taps half of 2011 reserves in three months

Hungary has spent HUF 52 billion over the past three months from the HUF 90 billion the government laid up earlier this year in general budget reserves, Napi Gazdaság reports based on its own calculations

The government has mainly used the reserves for capital aid for unprofitable state airline Malév and state-owned development bank MFB, an éaid aside HUF 13.4 billion for the state asset manager MNV for undisclosed purposes, the newspaper said.

Last week Prime minister Viktor Orbán said his government needs to save an extra HUF 200 billion this year to meet its deficit target.