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Hungary may need more spending freezes, says PM

Hungary may need to freeze some budget funds as Europe’s economy is in "very serious trouble," Bloomberg reported citing Prime Minister Viktor Orbán.

The government is proposing to permanently cancel funds from budget spending following Orbán’s approval to freeze of HUF 250 billion ($1.3 billion) of budget funds to protect fiscal stability.

According to Orbán, the state of European economy is "more than worrisome" and the only thing that gives reason for optimism is "the fact that we are fighting assiduously."

He added that the most likely trajectories for western economies are an "L-shaped" stagnation or a "W-shaped" return to recession that may be deeper than the previous one, trying to explain why the government may ask to increase budget reserves.

Hungary is planning to finance itself from the market in the future, Orbán said.