Rehn cancels trip to Budapest over Cyprus concerns

Visits

European Commissioner for Economic and Monetary Affairs Olli Rehn has cancelled a planned visit to Budapest on Tuesday to address concerns over a bailout package for Cyprus, the National Economy Ministry's communications department said on Monday. Rehn was to have met with Prime Minister Viktor Orbán and National Economy Minister Mihály Varga. He was also slated to give a presentation on the effect of economic and monetary union on growth. The forint weakened with other currencies in the region on Monday on news that the bailout plan for Cyprus, worked out Saturday in Brussels, would involve levies on ordinary depositors.

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