Government to stick to 2010 euro adoption target date
months, must cut the deficit in half by 2008 after the government
missed its targeted shortfall in four consecutive years. Hungary
will stick to that target, even after the premier said he won't
quickly cut the deficit, Kuncze said. "There's no debate about this within the government right now," Kuncze told reporters in Budapest today. "The target date stays."
Gyurcsány on November 19 asked European Commission President Jose Manuel Barroso for three extra years to cut the country's budget deficit to 3% of gross domestic product, required for euro adoption, Napi Gazdaság reported today, citing the premier.
The government aims to cut the budget deficit to 4.7% of GDP next year from an estimated 6.1% in 2005. The shortfall may widen to 6.7% next year and 6.9% in 2007, the commission said in a report on November 17.
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