EU sees Hungary’s 2013 deficit overshooting target-report

admin

BUDAPEST (Reuters) – The European Commission expects Hungary’s 2013 budget deficit could be almost double the government’s target, a website reported on Friday, as Prime Minister Viktor Orban continued to dismiss lenders’ conditions for a financing backstop. EU officials, in a letter about initial talks with Budapest last month on a financing agreement, said Budapest’s growth projections were overly optimistic and its deficit could exceeder 4 percent of gross domestic product next year, website Index.hu reported. The letter, dated August 31, also called for Hungary to scrap a new transaction tax on its central bank as a condition of securing a backstop but did not mention proposals for…

Next Post

We Need a New Farm Bill Now

Hurricane Isaac brought much-needed rain to parts of the Midwest farm belt this week, but experts say it’s unlikely to break the worst drought this country has seen in half a century. This is bad news for American farmers – and small farmers, in particular – who were struggling even […]