EU Warns Hungary of Deficit-Procedure Risk on Rising Debt
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Hungary may need additional budget cuts to lower government debt and avert the risk of re-entering the European Union’s budget monitoring process, the 28-member bloc’s executive said today.
Hungary risks the reopening of the excessive-deficit procedure in spring 2015 because of the “inadequate pace of debt reduction,” the European Commission said in an e-mailed report today. Compliance with requirements would “likely” need additional fiscal consolidation efforts, it said after a post-program monitoring mission to the country.