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EU voices worry over Hungary's deficit

Oct. 21, 2005 at 6:04 PM   |   Comments

BRUSSELS, Oct. 21 (UPI) -- The European Commission is expressing concern that Hungary will breach a European Union rule against excessive budget deficits.

Commissioners estimate Hungary's budget deficit this year will be 6.1 percent of its gross domestic product, the EU Observer reported Friday. EU members are not permitted to run deficits greater than 3 percent of their GDP.

"The substantial deviation, both in (fiscal) 2005 and (fiscal) 2006, from the planned adjustment path is worrying and puts into question the credibility of the correction of the excessive deficit by 2008," EU monetary affairs commissioner Joaquin Almunia said.

He also criticized Hungary's plans for a tax cut.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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