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Járai urges immediate reforms, budget cuts

With parliamentary elections over, Hungary must start reforms immediately and take steps to reduce budget expenditures, central bank governor Zsigmond Járai told a meeting of the British and Italian chambers of commerce in Hungary on Wednesday.

Járai suggested that several acts, such as the one that would raise social expenditures, be withdrawn, and he urged that an international institution such as the International Monetary Fund should be asked to survey Hungary's economy in order to assess its true state.
Járai said Hungary would not be able to adopt the euro until 2012, even under the most optimistic scenario.