The European Commission will examine the measures of member states, among them Hungary, targeting budget deficit reduction, MTI learnt on Sunday.
Hungary will be included in the first group to be examined at the Commission’s general meeting on Wednesday. Ecofin, the grouping of the EU’s economy and finance ministers, gave Hungary, along with Latvia, Lithuania and Malta a six-month deadline last July to present an effective deficit-reduction plan.
According to EU rules, member states should keep their budget deficits at or below 3 percent of gross domestic product (GDP). Against those countries who do not comply the Commission starts an excessive deficit procedure. At the moment, such a procedure is under way with 20 states. Hungary was targeted in the procedure in July 2004.
The Hungarian government expects a budget deficit of 3.8 percent of GDP in 2010, after posting a deficit of 3.9 percent of GDP in 2009. The figures are based on EU accounting rules.
“The European Commission will examine the measures of member states, among them Hungary, targeting budget deficit reduction”
You can imagine the EU examination of Hungary’s measures:
“Next up is Hungary, they have proposed the following to reduce budget deficit:
1. Gamble IMF funding on the stock market
2. Give EU grant money to Civil Servants by way of generaous severance pay-offs
3. Increase taxes
4. Introduce new taxes
5. Reduces exports drastically, reduce imports catastrophically.
6. Subsidise horse racing/gambling companies.
Sorry, guys, someone must have mixed up my paper with that of a 3rd world banana republic.”
JD. What would we do without you? I have been out and about today talking with shoppers and business owners. The situation is bleak.
The level of indifference shown when talking about the government and politicians is off the richter scale.
Politicians are not the brightest of individuals
wherever they surface. But, in Hungary, they produce only one type, irrespective of the party
they represent: thick, corrupt, and totally useless.
The EU is postponing the inevitable if they think they can keep up the current debacle/fiasco of holding member states together. The Lisbon Treaty? Tear it up and burn it.
Greece and Portugal are bankrupt. Spain is still wondering how their economy got so fucked up after adopting the euro.
Bulgaria and Rumania are just floating in space without a clue as to what the future holds.
Iceland, another bankrupt country wants to join
the EU along with Estonia and host of other penniless paupers.
Investors and people paying into pensions should check their fund managers credentials.
Europe is coming to terms with 50 years of socialist policies. Asia is thriving, creating, growing, prospering. While euorpe despite its highly talented folks is in terminal decline. The good news may be perhaps that europe has seen the limits to the benefits of debt creation and socialism. I would rather see the Romanovs, hapsburgs, or English monarchy running the politics.
In fact the english monarchy has said that America will be begging for the monarchy to return. I say, lets start with the Hapsburgs in Hungary. It could only get better.
A new constitution? New legislation that removes the protection from prosecution of corrupt politicians would be a start. In fact, make it a priority and fill the jails with the woodlice.