He said the foreign currency debt of the state was 40 billion euros at present though after 1995 it seemed the external financial problems would be stabilized but in 2002 the rate of indebtedness began to increase again. According to Járai the private economy in Hungary was not problematic but state financing took a wrong direction, this was shown by the downgrade of Hungary’s long-term foreign currency rating to ’BBB+’ from ’A-’ with a n egative outlook. This shows that the reform of the state budget is not avoidable and there will be necessary to adopt a simpler and more transparent taxation to stabilize the budget and to finance the state debt with lower interest rates as it is done it other countries in the region.
Translated by Péter Szentmihályi Szabó
origo.hu
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