-Spain’s Selgado: Have Made Efforts to Ensure Ongoing Recovery
BUSAN (MNI) – Market concerns over the risk of a sovereign default
from Hungary are “widely exaggerated,” Olli Rehn, European commissioner
for Economic and Monetary Affairs, told reporters at the G20 meetings
here Saturday.
Rehn said Hungary “has made serious progress in projecting its
public finances over the last several years,” and is “on the way to
recovery.”
Rehn also pointed out that comparing Greece’s debt crisis with
Hungary was “unnecessary.”
“We don’t consider comments on recent comparisons between Hungary
and Greece and Hungary,” he said.
Rehn also pointed out that Hungary’s economy showed signs of
strength in the first quarter.
Spanish Finance Minister Elena Salgado, repesenting the current
Spanish presidency of the EU, said that participants in the G20 meetings
agreed that countries facing fiscal challenges “need to acclerate the
base of consolidation” and other countries need to expand domestically
while ensuring macroeconomic stability.
“This will ensure ongoing recovery,” Salgado said.
She said European countries are making important structural reforms
and “at the same time we need to take austere measures because we need
to reduce deficits.”
[TOPICS: M$A$$$,M$X$$$,MT$$$$,M$S$$$,M$$EC$,MGX$$$,MFX$$$]
