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Hungary Looks to Mitigate Impact of Earlier Comments

A spokesperson for Hungary’s Prime Minister attempted to distance the government from comments made on Friday suggesting that Hungary is in imminent danger of financial collapse. Hungary’s currency – the forint – immediately dropped 6 percent against the euro.

Hungary is currently negotiating an extension of the $25bn (£17bn) rescue bail-out it received from the IMF and the EU in October of 2008. The new government won the recent election on promises of massive tax cuts that appear to be impossible to fulfill while still meeting EU budget requirements.

Source: BBC News [1]

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Scott Boyd

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