european union
March 12, 2010, 09:42 CET
Fitch says Hungarian Bank sector to recover after stress test
Hungary's banking sector is likely to demonstrate a slow recovery after enduring a severe stress test in 2009, Fitch Ratings said in a report published on Wednesday. The stress experienced by Hungary's banks would have been more severe had the... [read complete entry]
March 09, 2010, 09:33 CET
EC may deny Hungary €37.5 million in EU funds, daily reports
The European Commission may scrap 10 billion forints (37.5m euros) in cohesion funds for Hungary saying that the funds had been applied for on the basis of an illicit claim, the business daily Napi Gazdasag reported on Tuesday. Hungary's authorities... [read complete entry]
March 08, 2010, 10:19 CET
EU regional policy investment, no charity, says commissioner
The EU's regional policy is an investment, not a charity, which is aimed at bringing the less developed regions closer to the level of the most developed, the EU's Regional Policy Commissioner told a conference of the European People's Party... [read complete entry]
March 08, 2010, 09:47 CET
Hungary EU funds agency rejects corruption charges
Hungary's National Development and Economy Ministry, which is responsible for handling EU funds, rejected main opposition Fidesz's recent allegations of corruption and fraud surrounding the use of EU funds, the deputy minister said on Friday. Laszlo Varju said Hungary is... [read complete entry]
March 08, 2010, 09:42 CET
Next gov't would extend moratorium on farmland purchases by foreigners
Hungary's next government will apply to the European Union for an extension of the moratorium on purchases of farmland by foreigners, chairman of Parliament's agricultural committee Sandor Font, a member of opposition Fidesz, which is tipped to win general elections... [read complete entry]
March 05, 2010, 09:47 CET
EU Commissioner Andor calls for strong pension reform
EU pension systems need to be overhauled, especially in terms of changing the age of retirement, not because of the economic crisis but due to an aging population, Laszlo Andor, EU Commissioner for Employment, Social Affairs and Inclusion, told MTI... [read complete entry]
March 05, 2010, 09:46 CET
Five of 43 energy projects selected for grants by Commission involve Hungary
There are five projects involving Hungary among the 43 major energy projects selected to receive a combined EUR 2.3bn in grants by a Thursday decision of the European Commission (EC). The four projects with Hungarian participation are to receive a... [read complete entry]
March 04, 2010, 10:13 CET
Two-thirds of European Union funding for SME support allocated
Nearly two-thirds of the HUF 847bn (EUR 3.18bn) in European Union funding for development of SMEs through the New Hungary Development Plan has already been allocated, OTP Bank reported in a press release on Wednesday. OTP Bank said that two-thirds... [read complete entry]
February 26, 2010, 09:57 CET
European Court rejects complaint by Hungarian fruit company
The European Court on Thursday rejected a complaint by Hungarian fruit processor Sio-Eckes that some of its canned products were not eligible for EU support because they did not meet the definition of "peaches in syrup and/or in natural fruit... [read complete entry]
February 19, 2010, 10:27 CET
Hungary expected to get €150 million from Norway fund in 2010-2014
Hungary is expected to get EUR 150m in project funding from the Norwegian Financing Mechanism scheme in 2010-2014, Norway's ambassador to Hungary Siri Ellen Sletner told MTI on Thursday. Talks on the continuation of the financing mechanism with the European... [read complete entry]
February 17, 2010, 10:33 CET
EU members support Hungary deficit-reduction measures
European Union member states ensured their support for fiscal tightening Hungary is undertaking to bring its general government deficit under the required EU threshold at a meeting of Ecofin in Brussels on Tuesday. EU finance ministers established - with their... [read complete entry]
February 16, 2010, 09:58 CET
IMF-EU delegation gives Hungary good marks but says further measures necessary
Hungary's government has taken sufficient measures to stabilise the economy, but a strict fiscal policy as well as maintaining risk reserves is still necessary, and further measures must be taken in 2011 to bring the general government deficit under 3pc... [read complete entry]
February 05, 2010, 10:56 CET
IMF, EU delegations start post-bailout review of Hungary
Delegations from the International Monetary Fund and the European Commission on Wednesday began the latest reviews of a EUR 20bn financial support package Hungary was granted in November 2008. The quarterly review is the fifth by the IMF and the... [read complete entry]
February 04, 2010, 09:53 CET
Brussels gives Hungary brief chance to subsidise farmers up to €15,000
The European Commission will allow Hungary to grant aid to farmers who are weighed down by the economic crisis, but only until the end of 2010, the Commission said in a statement on Wednesday. The scheme, worth about EUR 18.2m,... [read complete entry]
February 04, 2010, 09:48 CET
Staff of 700 to work for Hungarian EU presidency
Hungary will employ a staff of 700 to work under the Hungarian EU presidency in the first half of 2011, mainly civil servants already dealing with EU affairs, the Foreign Ministry told MTI on Wednesday. Spain, Belgium and Hungary are... [read complete entry]
January 28, 2010, 10:15 CET
EU awards Hungary high marks on deficit, but says more measures needed
The European Commission on Wednesday said Hungary had taken effective action to correct its budget deficit, but added the country needs to take additional measures to bring the gap below 3 percent of gross domestic product by the 2011 deadline.... [read complete entry]
January 25, 2010, 10:42 CET
European Commission to examine Hungary's deficit reduction efforts
The European Commission will examine the measures of member states, among them Hungary, targeting budget deficit reduction, MTI learnt on Sunday. Hungary will be included in the first group to be examined at the Commission's general meeting on Wednesday. Ecofin,... [read complete entry]
January 15, 2010, 10:52 CET
European Commission approves Hungarian liquidity support scheme
The European Commission on Thursday said it approved under EU state aid rules a Hungarian measure aimed at providing liquidity to eligible financial institutions in Hungary to support lending to the economy. "The Commission is satisfied that the measure is... [read complete entry]
January 12, 2010, 09:17 CET
Hungary to submit new EU convergence report by end of month
Hungary will submit a review of its convergence programme on January 31 instead of the usual early December, in line with a decision taken by the EU, the business daily Napi Gazdasag reported on Monday. As a result of runaway... [read complete entry]
January 12, 2010, 09:00 CET
State to bail out EU grant winners hit by weakened forint
Hungary's National Development Agency (NFU) will compensate recipients of European Union development funding for higher costs resulting from a weakening of the forint, under a decree issued by the National Development and Economy Ministry in the latest issue of official... [read complete entry]
December 11, 2009, 09:55 CET
Hungary's economy policy cannot be changed in short term, PM says
Hungary's economy policy cannot be changed in the short term - no matter who will form the next government, Prime Minister Gordon Bajnai said in an interview published in German weekly Die Zeit on Thursday. For another year Hungary will... [read complete entry]
November 30, 2009, 10:50 CET
Three Hungarian companies receive EMAS environmental protection awards
Three Hungarian companies - Audi Hungaria Motor Kft, Elgoscar-2000 Kft and the Lake Balaton Integration and Development Agency - received awards for their achievements in environment protection at the "European EMAS (Eco-Management and Audit Scheme) Awards 2009" in Stockholm on... [read complete entry]
November 26, 2009, 11:32 CET
EC approves extension of Hungarian mortgage support scheme
The European Commission said Tuesday it has authorised, under EC Treaty state aid rules, a six months prolongation until the end of 2010 of a Hungarian mortgage support scheme to help households affected by the financial and economic downturn. Under... [read complete entry]
November 25, 2009, 11:56 CET
National Bank sees fiscal gap at 4% of GDP in '09, higher in '10
The National Bank of Hungary (NBH) expects Hungary's government deficit according to ESA to be 4.0pc of GDP in 2009 after 3.8pc last year, and 3.8pc to 4.3pc of GDP in 2010, the bank reported in its new inflation report... [read complete entry]
November 25, 2009, 10:44 CET
Hungarian, Spanish, Belgian employers make proposals for EU presidency
Representatives of employers from Hungary, Spain and Belgium, the three countries to hold the EU's trio presidency from 2010-2011, have drawn up joint proposals for priorities under the presidency, the Hungarian employers' group MGYOSZ told MTI on Tuesday. The programme... [read complete entry]
November 23, 2009, 09:24 CET
Big foreign banks reaffirm commitment to stand by Hungarian subsidiaries
The parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries, in a meeting of the European Bank Coordination initiative in Brussels on Thursday, November 19, the European... [read complete entry]
November 19, 2009, 09:40 CET
EU, state grants to support business developments triple in 2009
Payouts of European Union and state grants to support business developments in Hungary have more than tripled in the last ten months, while the number of applications for funding that have been approved has doubled, department head at the National... [read complete entry]
November 17, 2009, 09:00 CET
European Commission says Hungary's finances improving, but warns on deficits
Hungary has made good progress in its economic programme, and the country is not requesting the release of international assistance as its access to market finance improved markedly and external financing needs strongly reduced, the European Commission (EC) said in... [read complete entry]
November 13, 2009, 08:58 CET
Opposition expert says Fidesz plans to negotiate new bailout loan with IMF, EU
Hungary will record a much higher deficit than foreseen in the 2010 budget and should conclude a new agreement with the IMF when the present one expires next October, Fidesz former economy minister György Matolcsy said yesterday. Addressing a National... [read complete entry]
October 30, 2009, 11:12 CET
EC calls on Hungary to change vehicle registration tax
The European Commission on Thursday said it has called on Hungary to change its legislation on car registration tax as it continues to discriminate against buyers of second-hand cars from other member states. Hungary's Parliament earlier amended legislation that taxed... [read complete entry]
October 30, 2009, 10:56 CET
European Commission opens investigation of Audi subsidies in Hungary
The European Commission on Thursday said it opened a formal investigation into HUF 14.9bn of Hungarian state aid for a HUF 153.4bn investment by Audi Hungaria Motor at its plant in Gyor (NW Hungary). Hungary plans to subsidise the installation... [read complete entry]
October 21, 2009, 10:16 CET
Finance Minister says EU satisfied with Hungary's implementation of crisis plan
Hungary is making good progress implementing the European Union's stabilisation programme facilitated by financial support from the EU and other organisations, Finance Minister Peter Oszko said after a meeting of EU finance ministers on Tuesday, citing EU Commissioner Joaquin Almunia.... [read complete entry]
October 15, 2009, 10:26 CET
EC says Hungary's pubic finances present "medium risk"
The European Commission (EC) classified Hungary as medium risk in a report on the sustainability of public finances published on Wednesday. Other member countries in the medium-risk group include France, Italy, Poland and Portugal. The sustainability gaps have widened in... [read complete entry]
October 13, 2009, 09:24 CET
New venture capital firm details strategy for investing EU-backed funds
A venture capital fund set up by Biggeorge's-NV Equity fund manager company, one of eight winners of a state tender to manage HUF 45bn in venture capital, plans to invest HUF 4bn in SMEs in the health, biotechnology, IT, internet... [read complete entry]
October 12, 2009, 11:03 CET
Winners announced in tender for EU-financed venture capital funds
Eight winners have been announced in a tender for the New Hungary Venture Capital Program (Új Magyarország Kockázati Tőkeprogram), which will see venture capital funds receiving EU backing to help finance local start-ups. The eight winners were selected from among... [read complete entry]
October 05, 2009, 10:40 CET
Hungarian FinMin welcomes progress on EU-wide financial watchdog
Hungary's Finance Minister Peter Oszko welcomed progress on the setup of an EU financial supervisory authority after attending an Ecofin meeting in Gothenburg, Sweden, on Friday. The council of EU finance ministers could take a decision on establishing the Europe-wide... [read complete entry]
September 09, 2009, 10:51 CET
Agrana to up sugar production to 780,000 tons
Austria's Agrana will refine 780,000 tonnes of sugar beat this year at its sugar refinery in Kaposvar -- the last operating refinery in Hungary -- up from 438,000 tonnes in 2008, head of production at the refinery Laszlo Hajos told... [read complete entry]
September 08, 2009, 10:01 CET
Hungary, IMF agree to extend stand-by credit deadline
The IMF has announced that it will extend the deadline of its €5.2 billion credit line to Hungary by six months, to October 2010. The credit can be called in four equal payments. “Hungary will soon sign a similar contract... [read complete entry]
August 27, 2009, 10:12 CET
Hungary and IMF begin talks on next tranche of stand-by credit
A delegation of the International Monetary Fund on Wednesday started consultations with Hungarian officials on calling down the next tranche of a 11.7 billion euro stand-by loan, Irina Ivashchenko, head of IMF's permanent office in Budapest, told MTI. Ivashchenko said... [read complete entry]
August 26, 2009, 11:32 CET
Consumer inflation expected to peak at 6.3% in Q1 2010
Hungary's consumer price inflation will peak at 6.3pc in Q1 2010, but fall to 2.5pc -- well under the National Bank of Hungary's 3pc mid-term "price stability" target -- by Q3 2010, when the effect of tax hikes in July... [read complete entry]
August 14, 2009, 10:50 CET
Large firms now eligible for EU job-preservation subsidies
Big companies can participate in the EU's 4+1 job-preservation programme from the end of August, National Development and Economy Ministry State Secretary Laszlo Varju said on Thursday. Employees of companies participating in the programme will receive a five-day salary, though... [read complete entry]
July 31, 2009, 09:50 CET
EU-funded city development projects hampered by red tape
Billions of forints have been allocated to eight Hungarian cities under a city development programme funded by the European Union which started 18 months ago, but city leaders are critical of the scheme, business daily Vilaggazdasag said on Friday. So... [read complete entry]
July 17, 2009, 09:31 CET
EC approves state aid for Kecskemét Daimler plant
The European Commission on Thursday said it approved EUR 111.5m in aid from the Hungarian state to support the construction of a plant by German car maker Daimler in the Hungarian city of Kecskemet. The plant will create 2,500 jobs,... [read complete entry]
July 14, 2009, 09:08 CET
EC approves government's mortgage support scheme
The European Commission on Monday said it approved a mortgage support scheme by the Hungarian government aimed at helping homeowners struggling because of the economic downturn. Under the scheme, the Hungarian State would guarantee "bridging loans" which cover part of... [read complete entry]
July 09, 2009, 10:02 CET
Gov't announces big tenders for Balaton tourism developments
Tenders worth a combined HUF 4.25bn for tourism developments in the area around Lake Balaton in 2009-2010 were announced on Wednesday. The tenders, part of the regional operative programme, aim to create products and services in line with tourists' demands,... [read complete entry]
July 03, 2009, 10:29 CET
PM says further spending cuts needed to keep deficit target
Hungary needs further spending cuts to meet the 2010 budget deficit target, but revoking the crisis management measures as pledged by the opposition would bring the country to an immediate economic and financial collapse, Prime Minister Gordon Bajnai told national... [read complete entry]
June 29, 2009, 10:10 CET
Study puts Hungary 22nd in EU for purchasing power
Hungary's GDP per capita expressed in levels of purchasing power was 62.9% of the average of the 27 EU members in 2008, putting the country in 22nd place, according to data released by Eurostat. As regards the EU member-states, Luxembourg... [read complete entry]
June 25, 2009, 10:40 CET
EC extends deadline for Hungary's budget deficit cut to 2011
The European Commission recommended on Wednesday that Hungary should be allowed until 2011 to cut its budget deficit to below 3 percent of gross domestic product, extending the previous deadline by two years. The deficit cut is part of the... [read complete entry]
June 22, 2009, 10:10 CET
EU-wide financial supervisory system seen as improving local oversight
Prime Minister Gordon Bajnai said following the decision at Friday's EU summit to establish a European system of financial supervisors that such a system will strengthen Hungary's supervision of its banking system. Speaking in Brussels following Friday's EU summit, Mr... [read complete entry]
June 12, 2009, 09:35 CET
Bajnai shoots down opposition proposal to ditch deficit target
Prime Minister Gordon Bajnai said a general government deficit over 3.9pc of GDP -- the most recent limit approved under Hungary's loan agreement with the IMF and EU -- would be unacceptable to foreign investors, when asked by MTI at... [read complete entry]
June 02, 2009, 09:25 CET
Finance Ministry report shows economic rebound in 2011
A Hungarian government report forecasts the country's economy will rebound to 3.6 percent growth in 2011 after a 0.9 percent contraction next year. The country's updated convergence programme, sent earlier to the European Commission and published on the Finance Ministry's... [read complete entry]
May 29, 2009, 10:38 CET
Economy Minister says EU members should up aid to SMEs
Member states of the European Union should put in place measures to improve the situation of small and medium sized enterprises (SME) during the period of the international economic crisis, said Hungarian Economy Minister Istvan Varga after a meeting of... [read complete entry]
May 27, 2009, 02:29 CET
Why canceling the Hungarian Grand Prix makes both brilliant and idiotic business sense
In a bit of not-so-shocking news, news reports today suggest the Hungarian government may pull the plug on the Hungarian Grand Prix. At issue, naturally, is money, and more specifically the increasingly onerous subsidies the government needs to shell out... [read complete entry]
May 26, 2009, 09:21 CET
Hungary tops region in use of EU subsidies
Hungary is capitalising most from the allocation of EU subsidies among the Eastern European new member countries, receiving over 25% of the total funds made available for 2007-13, compared to the 11% regional average, consultancy KPMG wrote. Hungary so far... [read complete entry]
May 25, 2009, 09:17 CET
EU funding for Hungarian construction industry to reach €6.5 billion
A total of 1,800 billion forints (EUR 6.5bn) has been made available in European Union funding to help stabilise Hungary's construction sector hit hard by the economic crisis, a Socialist party MP told MTI on Sunday. The funding available by... [read complete entry]
May 21, 2009, 10:18 CET
Big European banks in joint pledge of support for Hungarian units
The six largest foreign banks operating in Hungary on Wednesday reconfirmed their commitment to provide necessary financial support to their Hungarian units, the European Commission announced following a meeting with representatives from the banks. Bayerische Landesbank, Erste Group Bank AG,... [read complete entry]
May 19, 2009, 08:46 CET
IMF clears rise in Hungary's deficit target, set to continue bailout
A delegation of the International Monetary Fund, visiting Hungary to review conditions for a bailout loan it granted last year, on Monday agreed to the government's raised budget deficit goals and to making a new tranche of the loan available... [read complete entry]
May 14, 2009, 10:48 CET
PM says government to plan for deeper recession
Hungary's government will modify the macroeconomic track within the upcoming weeks to fit predictions of deeper economic recession, Prime Minister Gordon Bajnai told online news portal index.hu on Wednesday. Bajnai, whose tax bill including a VAT hike and cuts in... [read complete entry]
May 13, 2009, 10:13 CET
IMF says Hungary's external financing needs lower than expected
The International Monetary Fund on Tuesday lowered its projection of the external financing needs of several central and Eastern European countries, among them Hungary's. The IMF said that it had earlier overestimated Hungary's external financing need and revised its outlook... [read complete entry]
May 05, 2009, 09:03 CET
EC expects Hungary's budget deficit to overshoot gov't target in 2009
The European Commission expects that Hungary's budget deficit will be higher this year than the government's target of 2.9 percent of gross domestic product (GDP), according to a report published on Monday.... [read complete entry]
April 28, 2009, 08:30 CET
European Commission approves Hungary's credit subsidies to business sector
The European Commission (EC) has authorised a Hungarian scheme aimed at providing relief to companies with financing difficulties related to the credit squeeze in the current economic crisis, the EC announced on Monday.... [read complete entry]
April 28, 2009, 08:17 CET
FinMin says Hungary to adhere to 2.9% deficit target
Finance Minister Peter Oszko reassured IMF and World Bank representatives that the Bajnai government will honour all agreements signed, including the target under a last November agreement on a EUR 12.5bn standby loan with the IMF that the 2009 general... [read complete entry]
April 24, 2009, 02:33 CET
EU court ruling may grant Hungarian taxpayers billions in compensation
Experts estimate that the Hungarian state will be liable to refund taxpayers 30-40 billion forints as a result of a ruling by the European Court of Justice, business daily Napi Gazdasag said on Friday.... [read complete entry]
April 17, 2009, 09:46 CET
Incoming PM says economic plan based on GDP contraction of up to 6%
Incoming Hungarian Prime Minister Gordon Bajnai's economic package calculates with a 5.5-6 percent recession for this year, MTI learnt on Thursday.... [read complete entry]
April 17, 2009, 09:27 CET
Denmark, Belgium to drop restrictions on workers from new EU states
Denmark has decided to open its labour market to citizens of Hungary and the nine other East European EU countries from May 1, the Foreign Ministry announced. Denmark is the 12th country in the EU to abolish such restrictions.... [read complete entry]
April 09, 2009, 12:05 CET
Office in charge of handing out EU cash hands out EU cash to promote handing out EU cash
Despite all the gloomy talk about austerity, it's business as usual at the National Development Agency (NFÜ), the state body mostly known for handing out mostly EU-sourced cash to businesses across Hungary. According to various sources, the NFÜ has just... [read complete entry]
April 09, 2009, 10:02 CET
BayernLB denies EU bailout will lead to sale of Hungarian MKB Bank
Germany's BayernLB does not want to sell its unit in Hungary, MKB Bank, the unit's Chairman-CEO Tamas Erdei said on Wednesday, reacting to a report by Reuters that the EU has made the sale of BayernLB's units in emerging market... [read complete entry]
April 06, 2009, 03:52 CET
Analysts dubious on early euro adoption by Hungary
Analysts polled by MTI on Monday said the notion that East-European countries should introduce the euro before their formal inclusion in the eurozone is unrealistic and pointless.... [read complete entry]
April 06, 2009, 08:59 CET
EU to back more infrastructure projects in Hungary
The European Commission has approved another three major infrastructure projects in Hungary, the government spokesperson said in an online news conference on Saturday.... [read complete entry]
April 02, 2009, 10:03 CET
Gov't to spend nearly Ft 4 trillion helping crisis-hit businesses
Hungary's government plans to spend 1.4 trillion forints (EUR 4.59 bn) on grants and loans to help companies hurt by the financial crisis, on top of 2.1 trillion forints worth of economy-boosting investments and 46 billion forints to be spent... [read complete entry]
April 02, 2009, 10:00 CET
FinMin concedes Hungarian economy to contract more than earlier forecasts
Finance Minister Janos Veres told MTI on Wednesday that he expected Hungary's economy to contract more than previously forecast.... [read complete entry]
April 01, 2009, 10:22 CET
Budapest's District V signs contract for pedestrian-only streets
Fidesz Fifth District mayor Antal Rogán yesterday signed a contract for the pedestrianisation of downtown streets in the district. The winning bidder for the public procurement, Főutca Konzorcium, is made up of members Reneszánsz Kőfaragó and Bau Holding 2000.... [read complete entry]
March 30, 2009, 11:20 CET
Opposition presents ambitious environmental strategy
Hungary's main opposition Fidesz on Saturday presented 500 billion forints (EUR 1.65bn) worth of environmental proposals aimed at financing green investments and reducing energy dependence.... [read complete entry]
March 18, 2009, 02:58 CET
When will forint bailout run out of euro buckets?
With the euro/forint rate having seemingly settled into a relatively narrow band around Ft 300/€, there has been a lot less howling about the strength of the Hungarian currency, which is of crucial importance to the millions of households and... [read complete entry]
March 17, 2009, 09:33 CET
Hungarian labor costs rose faster than European average in 2008
Labor costs in Hungary rose significantly faster last year than in other EU countries, writes hrportal.hu, citing a review of Eurostat labor market data by business daily Világgazdaság.... [read complete entry]
March 17, 2009, 08:43 CET
Economy Minister warns of currency crisis, "social collapse" without deep reform
Hungary will witness a currency crisis this year unless the government implements radical structural reforms, the economy minister said in an interview to Monday's Nepszabadsag daily.... [read complete entry]
March 12, 2009, 09:00 CET
European Commission approves Hungary's system of state aid for companies
The European Commission on Wednesday said it approved a state aid scheme by Hungary for companies facing financing troubles because of the credit crunch.... [read complete entry]
March 11, 2009, 08:08 CET
EU finance chiefs sign off on Hungary's convergence plan
European Union finance ministers on Tuesday approved an assessment of Hungary's convergence programme by the European Commission, deputy finance minister Almos Kovacs said.... [read complete entry]
March 09, 2009, 08:13 CET
Hungary's humiliation deepens as gov't strikes out with new bailout proposals
You might have thought that Hungarian Prime Minister Ferenc Gyurcsány and his raggedy team of economic advisors would have taken the hint after the humiliating rejection of their proposal for a massive EU bailout package aimed at Central and Eastern... [read complete entry]
March 09, 2009, 07:23 CET
PM urges swift adoption of euro roadmap, less reliance on foreign capital
Hungary should aim to have a roadmap ready for adopting the euro by the end of September, Prime Minister Ferenc Gyurcsany said on Friday.... [read complete entry]
March 05, 2009, 11:30 CET
Gyurcsány maintains position that crisis requires international response
The global economic crisis can not be handled on a national basis, Prime Minister Ferenc Gyurcsany told a parliamentary committee on Thursday.... [read complete entry]
March 04, 2009, 11:35 CET
Gyurcsány claims Hungary could set euro target date in September
The Hungarian government wants to set the euro adoption target date by September 30 at the latest, since that's the deadline to submit the 2010 budget and the economic program for the next three years to parliament, Prime Minister Ferenc... [read complete entry]
March 04, 2009, 10:02 CET
Gov't to divert EU funds from Budapest redevelopment projects
The cabinet is planning to cancel several prominent EU-funded projects today, including the reconstruction of Szent György tér and Dísz tér in the Castle District as well as the upgrading of the Komárom fortress.... [read complete entry]
March 03, 2009, 01:36 CET
Hungary's economic humiliation doubled as PM's "eastern" bailout plan laughed out of Brussels
I didn't comment earlier on Ferenc Gyurcsány's plan for a €180 billion package of EU support for Central and Eastern Europe because I didn't think much would come of it. In a nutshell, the PM's idea was for the richer... [read complete entry]
March 03, 2009, 08:35 CET
Gyurcsány says economic proposals well received in EU
Hungary's proposals targeting economic stabilisation and financial integration met a favourable reception at last weekend's informal European Union summit in Brussels, Prime Minister Ferenc Gyurcsany told MTI on Monday.... [read complete entry]
March 02, 2009, 12:04 CET
Hungarian FinMin says country could set eurozone entry date by mid-year
Hungary could set a date for joining the eurozone in the middle of the year or at the end of September, Finance Minister Janos Veres said in a television interview early Monday.... [read complete entry]
March 02, 2009, 09:39 CET
Stricter tobacco advertising regulations in force from Sunday
Tobacco advertising regulations in Hungary became stricter as of March 1, meeting EU demands. Advertisements can now only be displayed at sales points, and brand names can only be promoted with health warnings.... [read complete entry]
March 02, 2009, 07:17 CET
Hungarian PM calls for faster euro adoption, more foreign bank lending
Hungary will propose in the European Council to accelerate the procedure of joining the euro-zone, Prime Minister Ferenc Gyurcsany said on Friday. Another proposal will be for European banks to be obliged to extend support to their subsidiaries in other... [read complete entry]
February 26, 2009, 11:12 CET
European Commission approves government's company subsidy scheme
The European Commission on Wednesday said it had authorised two Hungarian temporary schemes to aid companies suffering the effects of the financial crisis.... [read complete entry]
February 25, 2009, 09:28 CET
Gov't plans committee to oversee euro adoption
Hungary's government plans to set up a committee of experts to oversee the process of euro adoption, a document on the government's crisis-management measures said on Tuesday.... [read complete entry]
February 25, 2009, 09:25 CET
EC President Barroso says Hungary chose appropriate economic crisis response
Hungary has chosen an appropriate economic policy to handle its high budget deficit and external debt, in the assessment of the European Commission, EC President Jose Manuel Barroso said on Tuesday, after meeting Prime Minister Ferenc Gyurcsany in Brussels.... [read complete entry]
February 23, 2009, 09:03 CET
EU finance head says Hungary to overcome crisis
Hungary will successfully overcome the difficulties caused by the crisis, and the consolidation of public financing will help a lot to strengthen the economy, Joaquin Almunia, the financial commissioner of the European Union said on Sunday.... [read complete entry]
February 19, 2009, 02:41 CET
EC initiates procedure against Hungarian property tax penalizing foreigners
The European Commission on Thursday decided to initiate a procedure against Hungary at the European Court of Justice for discriminatively applying stamp duty on property transactions.... [read complete entry]
February 19, 2009, 11:11 CET
EU urges Hungary to continue with economic reforms, further spending cuts
The European Union urges Hungary to adopt further spending cuts and structural reforms, the European Commission said in a report on Wednesday.... [read complete entry]
February 19, 2009, 10:51 CET
Economy Minister says nationalization of Hungarian banks "unlikely"
There is no need for the Hungarian state to acquire ownership in any of the country's commercial banks, Economy Minister Gordon Bajnai said on Wednesday.... [read complete entry]
February 19, 2009, 10:37 CET
Local governments fret as VAT hike increases costs on EU-funded projects
Hungary's local councils have asked the government to help in finding a solution to a new problem caused by the planned hike in the value-added tax, which adds to the cost of projects financed by the European Union.... [read complete entry]
February 19, 2009, 10:07 CET
Gyurcsány calls for EU-wide bank rescue package
Prime Minister Ferenc Gyurcsány yesterday called for a €100 billion rescue plan from the EU for crisis-hit banks in Central and Eastern Europe, echoing an Austrian proposal.... [read complete entry]
February 18, 2009, 10:33 CET
PM says Hungary can adopt euro between 2012 and 2014
Hungary could adopt the euro between 2012 and 2014, Hungary's Prime Minister Ferenc Gyurcsany told foreign journalists on Wednesday in Budapest, Reuters reported.... [read complete entry]
February 17, 2009, 09:45 CET
Visiting IMF official calls economic correction in Hungary unavoidable
An economic correction will be unavoidable in Hungary, due to high state debt and the difficulties of external financing, the head of IMF's delegation told the press in Budapest on Monday.... [read complete entry]
February 13, 2009, 09:15 CET
European Commission okays Hungary's bank bailout plan
The European Commission on Thursday approved Hungary's plans to recapitalise banks weighed down by the financial crisis and to give them new debt guarantees, MTI's correspondent reported.... [read complete entry]