facebook
twitter
rss
account
search
search
 

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.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
The 'Home of the Whopper' to keep headquarters in U.S.
3
Canadian media must broadcast official emergency notifications
4
France receives upgraded aerial tanker
5
Kurds raise oil funds for refugees
Trending News
Video
x
Feedback