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Hungary will not bring deficit under target at any cost

Hungary will not insist on bringing its general government deficit under 3% of GDP in 2011 at any price, National Economy Minister György Matolcsy said in an interview broadcast on Hír Televízió.

The cabinet continues to aim to win back the country's financial independence and economic self-determination, Matolcsy said.

Hungary cannot make a worse agreement than those signed by the Poles or the Romanians, he said. We will negotiate based on Hungary's national interest, he added.

General government deficits in EU member sates are around 7% of GDP, but let us say Slovakia says it will cut its deficit under 3% only in three years time, then we will not fall apart to bring the gap to 2.8% of GDP next year just to pass a test set by a few far away institutions and financial professionals, he added. (MTI – Econews)