Hungarian Foreign Minister Martonyi Criticises Moody's Downgrade
- 15 Dec 2010 12:00 AM
"It was a huge mistake for Moody's credit-rating agency to downgrade Hungarian debt, Foreign Minister Janos Martonyi said on the BBC's “Hard Talk” programme in London last week. Calling the downgrade completely unfounded, he asked: “If we can meet the deficit targets for this year, next year and 2012, why should we think that we cannot meet these goals in 2013, 2014 or 2015?” Hungary can safely finance its deficit from the market, he said.
Martonyi cited layoffs of government and local government officials and the downsizing of Parliament by half from 2014 as evidence of spending cuts.
Regarding the bank tax, he said Austria and Great Britain have introduced similar measures and a number of other countries are preparing to follow Hungary's example.
Martonyi concluded by saying that the cabinet will be able to reduce state debt by pursuing “a reform of private pension funds”.
Source: Hungary Around the Clock.
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