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Varga Says Hungary Considering Higher Bank Tax, Spending Cuts

HUNGARY
  • Hungary is considering imposing higher taxes on banks after a recession and the fastest inflation in the European Union blew the country’s budget targets off course, Finance Minister Mihaly Varga said according to Bloomberg.
  • Varga cited record bank profits for opening the way to potentially higher levies, and said that Hungary may also delay defense procurements and cut generous interest-rate subsidies.
  • Government also reviewing its 3.9%/GDP budget deficit target for this year, still aims to cut the shortfall from more than 6% last year, Bloomberg write.
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