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Heves county files for bankruptcy

The local government of Heves county in east Hungary has been put under debt settlement proceedings after it filed for bankruptcy, said Róbert Szabó, president of the Heves county council. A Budapest based company applied for the debt settlement process at the court, business daily Világgazdaság learned.

The operating debt of the county exceeds HUF 1.7 billion, and overall it owes nearly HUF 7.5 billion, Szabó said in a press release. Szabó blamed a series of wrong decisions by the previous governance over the past few years, which he said led to the current crunch.