PM meets with UK counterpart and London analysts

Parliament

Hungarian Prime Minister Ferenc Gyurcsány met UK Prime Minister Tony Blair for a brief talk during a one-day visit to London on Wednesday to attend commemorations of the 1956 Hungarian Revolution. Gyurcsány met analysts from London-based investment firms in the afternoon to allay any worries about political instability in Hungary and demonstrate his determination to carry out unpopular reforms. Investors took the European Commission's approval of Hungary's updated convergence program as "the first promising sign" of stability, Gyurcsány said after the closed-door meeting. He added that the analysts view Hungary's current government as the guarantee for reforms. He conceded that investors were now looking for proof, not more promises, that Hungary's gaping budget deficit would be reduced. He admitted that Hungary's credibility has suffered and said that the only way to restore credibility was to carry out the fiscal adjustment program. "Any hesitation, any weakness, any excuses as to why we cannot implement it would hurt Hungary's interests," he said. "It will be possible to deliver the evidence relatively soon, within the coming six months, as the promised numbers come in... that is what will restore credibility," he said. (Mti-Eco)

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