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Parragh slams “financial logic”

The current approach pursued by the Bajnai government to address the economic crisis solely from a financial instead of a general economic perspective will not be adequate to forward recovery, said László Parragh, head of the Hungarian chamber of commerce and industry (MKIK).

The approach is rooted in the 2006 austerity program commenced to achieve fiscal stability, which has led to the national economy being unable to achieve any notable growth since, Parragh said.

The current situation leaves no other way but to thoroughly reform the welfare system and central support schemes.

The question is whether the next government will have the courage to take these painful steps, he added. (Gazdasági Rádió)