Though Hungary is in no position to have to debate difficulties caused by the global financial crisis, it would consider the example of proposed US and French bailouts if it had to, Finance Minister János Veres said on the sideline of a conference on Thursday.
“In so far as Hungary’s government would have to intervene, then it would not only examine the American example...but the French proposal too,” Veres said.
The US Senate endorsed a $700 billion financial sector bailout on Wednesday. On Thursday, French President Nicolas Sarkozy’s office said he would host the leaders of Britain, Italy, Germany and the ECB on Saturday to discuss a response to the credit crisis. Sarkozy denied reports a €300 billion bailout was under consideration, Reuters reported. Veres repeated a call to establish an EU financial market supervisory authority. Veres said ordinary Hungarians, financial service providers and the ministry all have important roles to play in developing a financial culture in Hungary.
Answering a question, Veres said this year’s 3.8%-of-GDP ESA ‘95 general government deficit target was certainly achievable. The Finance Ministry also stands by its target for 2.4% GDP growth in 2008, he said. (MTI-Econews)