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Hungary to meet Maastricht deficit criterion in 2009

Hungary would meet the Maastricht general government deficit criterion for adopting the euro in 2009, Finance Minister János Veres said when opening the debate of the 2009 budget bill.

The government targets a general government deficit of 2.6% of GDP in 2009, under the 3% Maastricht criterion.

The revised budget bill calculates with a drop in expenditures of about Ft 400 billion compared to the version of the budget submitted at the beginning of October, resulting in a Ft 92 billion narrowing of the deficit, Veres said.

The figures cited by Veres are accrual-based ones, Econews learned from Finance Ministry spokesman Ferenc Pichler.

The modifications to the 2009 budget bill submitted by the government to Parliament on Sunday cut the cashflow-based general government deficit by Ft 110.5 billion compared to the mid-October revised bill, to Ft 784.6 billion. (MTI – Econews)