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Hungary’s euro accession theoretically possible in 2011, says Economy Minister

The introduction of the euro will be theoretically possible in Hungary in 2011, but for the time being, it would be too risky to set this new target date, the German daily Frankfurter Allgemeine Zeitung on Friday quoted Hungarian Economy Minister János Kóka as saying. If Hungary fulfils the Maastricht criteria by 2009, as planned in coordination with the European Commission, then the introduction of the euro is theoretically possible in 2011, Kóka said. However, setting a new target date would be too risky and the primary target now is to regain investors' confidence, Kóka added. The European Commission earlier this week approved Hungary's convergence plan and postponed the deadline for Budapest to cut its deficit to about 3% of GDP to the end of 2009. (Mti)