herald

Tuesday 19 September 2017

Hungary debt alert

HUNGARY has been warned that approximately €7bn of European funds could be suspended if the country does not bring its budget into line with the new EU rules.

Euro Commissioner Olli Rehn (right) made the stark comments as Hungary was the only one in five member states to take insufficient action to bring its budget below 3pc of GDP in a sustainable manner.

Belgium, Cyprus, Malta, Poland and Hungary were warned in November the forecasts suggested they were not on track and urged to take additional action to bring their budgets in line.

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