23 June 2012

HUNGRY / EU : Budapest Finally Gets $625 Million...When Sanctions Lifted.


     Luxembourg finally lifted its E495/$625 million in sanctions...after Budapest promised to keep EU spending limits.
    The money was blocked in March...because PM Viktor Orban balked over budget deficit targets.
    The EU estimates Budapest will hit a 2.7% deficit in 2013...well below the 3.0% target.
    Orban has also reluctantly changed his central bank's laws to resemble the EU's preferred version.