Hungary, the most indebted eastern European Union country, is planning a package of as much as 800 billion forint ($3.9 billion) in spending cuts to put the budget on a sustainable footing, Economy Minister Gyorgy Matolcsy said.
The European Union has “serious doubts” about Hungary’s plan for a “brutal” bank tax that is key to meeting its creditor-approved budget deficit target, Economy Minister Gyorgy Matolcsy said.
The forint gained for the first time in three days as the government signalled Economy Minister Gyorgy Matolcsy won’t become president of the central bank.
"The Funding for Growth program will substantially strengthen the country's return to growth in the coming years."
- Gyorgy Matolcsy on Sep 11, 2013