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Hungary's local council debt to reach HUF 370 bln

Debt of Hungary's local councils reached HUF 1,462 billion at the end of 2010 and is likely to grow by HUF 370 billion in 2011, an analysis by consultancy PricewaterhouseCoopers (PwC) shows.

The ratio of local council debt to revenue rose from 22% in 2006 to 40% in 2009, PwC found. Debt-servicing of local councils is expected to come to HUF 100bn-110 billion this year.