Hungary, which currently meets none of the criteria to adopt the euro, could meet these conditions by around 2030, Prime Minister Peter Magyar said on Friday. Magyar added that cutting the country’s level of public debt would be the toughest task.
Euro Entry Efforts
Former right-wing leader Viktor Orban’s pre-election spending measures pushed the budget deficit well above initial plans and pushed Hungary’s credit rating to the brink of a cut below investment-grade level. Magyar ended Orban’s 16-year rule in April with a landslide election victory.
Magyar welcomed Eurogroup President Kyriakos Pierrakakis for talks in Budapest on Friday. Pierrakakis declined comment on Hungary’s euro entry timeline but said the Eurogroup would support its efforts to join the currency bloc.
Hungarian Finance Minister Andras Karman told reporters he would inform the government about a review of public finances at a cabinet meeting at the weekend. This review would form the basis of an overhauled 2026 budget to be submitted to parliament by the end of August.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
