The size of Hungary's budget deficit is likely to attract strong criticism from the European Union
Published:
23 June 2004 y., Wednesday
The size of Hungary's budget deficit is likely to attract strong criticism from the European Union, local media reported Tuesday.
The European Union is due to release reports on the new European Union members' budget situations in early July. According to European Central Bank criteria for the adoption of the euro, budget deficits must be clearly moving down towards 3 percent of gross domestic product.
The Hungarian government does not plan to reach that level until 2008 and economists are skeptical current polices will reduce it significantly even by then.
The budget deficit last year in Hungary was 5.9 percent of gross domestic product. The official target for 2004 is 4.6 percent of GDP but few observers believe that such a target will be achieved.
Hungary joined the European Union on May 1 and hopes to adopt the euro by the end of the decade at the latest.
Šaltinis:
washtimes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Investment Bank is providing a EUR 718 million strong support for rail transport, electricity distribution as well as energy efficiency and renewable energy in Turkey.
more »
The European Investment Bank (EIB) has approved a EUR 150 million loan for expanding the Port of Barcelona. EIB Vice-President Carlos da Silva Costa and the Chairman of the Barcelona Port Authority, Jordi Valls, signed the finance contract in Catalonia’s capital.
more »
The extent to which hedge funds should be regulated is one of the key issues facing MEPs on the Economic and Monetary Affairs Committee.
more »
The European Investment Bank (EIB) is lending CZK 2 billion (approx. EUR 73 million) to the Municipality of Plzen (West Bohemia) to implement priority urban regeneration schemes identified in the city’s 2004 Development Plan.
more »
High-speed rails, supporting indigenous people's rights, protecting nature and wildlife, student loan facilities, construction and refurbishment of hospitals and reduction of industrial pollution are just a few projects supported by the European Investment Bank.
more »
The European Commission has authorised, under EC Treaty state aid rules, €14.3 million of aid, which the Slovak authorities intend to grant to Volkswagen Slovakia, belonging to the Volkswagen AG, for the transformation of an existing plant in Bratislava.
more »
MEPs began acting on their new Lisbon Treaty power to co-decide fisheries policy with Member States on 1 December - the day the treaty took effect - with a Fisheries Committee indicative vote on three legislative proposals.
more »
With seasons’ holidays approaching DnB NORD Bankas will offer better cash exchange rates for Great Britain’s pounds, Swedish, Norwegian and Danish krones until 31st December.
more »
The European Investment Bank (EIB) today agreed to provide a EUR 40m loan to FirstRand Bank to promote energy efficiency and renewable energy projects across South Africa.
more »
The European Commission has today approved an application from Lithuania for assistance under the European Globalisation adjustment Fund (EGF).
more »