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Hungary to announce further debt reduction in a week, says PM

Hungary's government will announce further debt reduction worth several percentage points of GDP within a week, Prime Minister Viktor Orbán said on public radio service on Wednesday.

The debt reduction will come from funds freed by the reorganization of the pension system, Orbán said.

The Prime Minister confirmed his aim to cut Hungary’s sovereign debt below 70% of GDP next year, and “to a figure which is closer to 60% than to 70% by 2014”.