HUNGARY ON TRACK OF INCREASING INDEBTEDNESS

Hungary spends 9 pc more of the GDP than it can produce. The former presidents of the Hungarian Central Bank said in a conference of Hungarian.

Manufacturers yesterday that there was no strong economy behind the strong national currency but the main problem was that the state financed the deficit from loans generating more debts. György Surányi said Hungary had lost the gains of the sacrifice it made between 1990 and 2000 and started to sink into an increasing indebtedness. Péter Ákos Bod emphasized Hungary was derailed in 2002 and he said no one knew the consequences of the deficit procedure implemented by the European Union in the case of Hungary.

Translated by Péter Szentmihályi Szabó