Hungary's Járai Calls 3.8% Deficit “Unfeasible”
- 18 Mar 2010 3:00 AM
Járai told the Hungarian Business Lead-ers Forum that a 5% deficit can be agreed with the IMF and the EU if it is matched with the consolidation of state-owned companies.
The euro convergence programme ap-proved with the EU in 2007 is wrong, Járai declared as he compared it to the five-year plans of the Rákosi era. The major problem, he said, is that there is nothing in the plan to show how a brighter future can be created.
The euro can be adopted only after the economy is put in order, probably in 2015-16, Járai added.
Járai said the tax revenue can be cut from the present 39% of GDP to 29% in the next four years, as he called for a more simple and transparent tax system."
Source: Hungary Around the Clock.
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
LATEST NEWS IN business