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Hungary Spends Half of Pension Assets, Vilaggazdasag Reports

Hungarian private pension fund assets, which the government nationalized last year, dropped to 591 billion forint ($2.6 billion) by the end of May, compared with 3 trillion forint at the time the state acquired them, Vilaggazdasag said, citing government data.

The Cabinet has spent about 1.5 trillion forint of the assets buying back government debt and the value of the remainder fell due to the economic crisis, the newspaper said.