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Hungary needs to cut spending further

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Hungary needs to cut spending further

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Hungary will need to cut government spending by around one to one and half percent of GDP to meet IMF and EU budget targets this year according to the economy minister Gyorgy Matolcsy.

But at the same time he rejected comparisons to Greece.

Comments last week by officials about Budapest’s debt pushed the euro to a four year low against the dollar and caused a sell-off of Hungarian government bonds.