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Milbradt says Hungary's solution to crisis problems “remarkable”

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Hungary has “climbed out” of the “rut” of the economic crisis in a remarkable way, Georg Milbradt, a former minister-president and finance minister of Saxony who is now an economic advisor to Hungary’s prime minister, said on Tuesday. Milbradt told public television M1 that unlike other European states, Hungary had tried to resolve its problems without relying on external help.

It has paid its international debts promptly and undertaken full responsibility for its actions. This has generated trust in the country, he added.

Among the positive developments in Hungary’s economy, Milbradt highlighted increasing competitiveness and a considerable export surplus which is helping to reduce its external debt. Hungary has been on a growth path -- already apparent in 2013 -- and is this trend is likely to intensify in the years to come, he said: Hungary, like other Visegrád countries including the Czech Republic and Poland, can take advantage of the fact that it has not yet joined the Eurozone and therefore does not need to adapt to its rules.

The German professor met Prime Minister Viktor Orbán and National Economy Minister Mihály Varga on Monday.

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