Hungary to Take Over Yen Debt From Municipalities, MTI Reports

Hungary plans to take over payments for more than 3 billion forint ($13.5 million) in yen- denominated debt owed by seven municipalities in western Hungary, state-run news service MTI reported.

The cabinet agreed to take over the debt, which matures in 2019, after lobbying by a local mayor from the Varpalota region who is a member of Hungary’s ruling Fidesz-KDNP coalition, MTI said, citing Deputy Prime Minister Tibor Navracsics.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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