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Hungary to Buy 8,000 Properties From Borrowers in ’12, MTI Says

May 21 (Bloomberg) -- The Hungarian government will purchase 8,000 properties this year from foreign-currency mortgage holders who can’t service their debt, state news service MTI said, citing Roland Natran, a deputy state secretary at the Economy Ministry.

The state will buy a total of 25,000 such properties through 2014, compared with earlier plans for acquiring 5,000 homes, Natran said, according to MTI.

The necessary financing for this year’s purchases will either come from general budget reserves or Parliament will amend the budget without jeopardizing the deficit target of 2.5 percent of economic output, Natran said, MTI reported.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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