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No pre-election spending spree for Hungary, says premier
Published in Saudi Press Agency on 03 - 07 - 2009

Prime Minister Gordon Bajnai today promised Hungary would maintain strict fiscal discipline right up to the next general election in 2010, according to dpa.
"I can assure you there will not be an election budget," Bajnai
told local and foreign business leaders in the capital, Budapest.
The prime minister said he intends to hand over a "mended country"
to the next government, whoever forms it, and cautioned that the hard
work is far from over.
The worsening economic environment, and a predicted contraction in
the Hungarian economy of almost 7 per cent this year, mean a further
100 billion forints (513 million dollars) needs to be trimmed from
the 2010 budget.
Bajnai identified local authority spending and the state-owned
rail network as key targets for cutbacks.
The main Hungarian opposition party, Fidesz, maintains that the
Bajnai government is "illegitimate" and has called for early
elections.
"The Socialists are preparing another brutal austerity package for
its budget, for which it has absolutely no authority," said Fidesz
spokesman Andras Cser-Palkovics in a statement.
The centre-right party has held a commanding lead in opinion polls
for over two years and pledged to repeal a new property tax and other
aspects of the Bajnai austerity package if and when it takes power.
"There is no alternative to the 3.8 per cent budget deficit
target. This question is not open to political debate," Bajnai said
in an interview with the daily Nepszabadsag the same day.
"The opposition's message is very dangerous, because if they
really do repeal what we have so far legislated for, then according
to our calculations the budget deficit would be around 10 per cent,
which would mean immediate collapse," Bajnai said.
His comments came two days after the International Monetary Fund
(IMF) issued a report saying it was broadly satisfied with Hungary's
efforts to balance its books, though it called for increased
financial supervision and further spending cuts.
Hungary was granted a 25-billion-dollar, IMF-led emergency loan in
October as it looked set to default on its foreign debt.
However, the money came with strict conditions regarding budgetary
spending cuts in sensitive areas such as pensions and public sector
pay.


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