Hungarian ruling party vice-president: Hungary stands little chances to avoid Geek fate

Hungary’s economy is in a far worse state than believed and the country stands little chances to avoid the fate Greek had, ruling Hungarian party Fidesz vice-president Lajos Kósa believes, according to Portfolio daily.

In this crisis situation, the Government in Budapest needs to prepare a short-term measures plan – no longer than two years – Lajos Kósa declared in a press conference in Budapest. Lajos Kósa is also the mayor of Debrecen.

The centre-right party Fidesz won the April parliamentary elections, after the country was under the Socialist Party for eight years. Fidesz owns a two-thirds majority in the Parliament, which gives the party the power to amend any law.

Fidesz representatives have claimed over the last months that Hungary’s budget for the current year has been put together on false data and the budget deficit target agreed with the IMF and European Union, namely 3.8%, was not realistic.

„Our mission, at this point, is to avoid payment incapacity; we’ve got little chances to avoid the fate Greece had because the economic situation is much worse than we believed”, the Fidesz leader says.