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Euro crisis to last at least another 8-10 years: Hungary PM


08:39, August 30, 2011

BUDAPEST, Aug. 29 (Xinhua) -- The euro crisis would not subside in the short-term, and the euro would remain under attack for several years to come, Hungarian Prime Minister Viktor Orban said here on Monday.

"The euro and the European economy will not escape constant attacks for the next 8-10 years. This is the background to which Hungary must make its necessary reforms," Orban said.

Addressing a gathering of Hungarian ambassadors, Orban admitted that Hungary had found itself in a very serious situation in the last three months as a result of the euro-crisis, and that this autumn would be a difficult time for Hungarians.

The central European country has been entangled with its economic reforms including tackling private foreign currency debt and the budget deficit.

"The measures begin a year ago and must be continued to prevent Hungary from going down the Greek road of loss of sovereignty due to financial speculators," Orban said, adding that key decisions about the future of Greece were no longer made by the Greeks, a situation which Hungary must strive to avoid.

One of Hungary's most important tasks, Orban said, was to bring Hungary's key economic indicators up to the level of Poland, the Czech Republic's, and the Baltic states.

Orban stressed that Hungary would continue its policy of bringing down state debt. "Until debt falls below first 70 percent, and then 60 percent, Hungary will remain threatened by the eurozone crisis," the prime minister said.

The government would also deploy every available tool to keep the budget deficit within 3 percent of GDP, as well as maintain the target of creating one million jobs within 10 years, Orban added.

Oraban also said that despite heavy criticism it received from other European states for its unorthodox economic measures in the past year such as tax on the banking sector and employment-based economic strategies, many countries were now following the suit.

However, efforts to create a unified European taxation system must be blocked, Orban said, insisting that such moves were against Hungary's interests and the Hungarian government was strongly opposed to the imposition of an EU-wide VAT rate.


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