BUDAPEST Dec 6 Hungary must keep its budget
shortfall below 3 percent of economic output for three
consecutive years, including the pre-election year 2013, to get
out of the European Union's deficit procedure, minister Mihaly
Varga said on Thursday.
"We cannot do anything else in 2013 either. We can only get
out of the Excessive Deficit Procedure if the deficit remains
below 3 percent in three successive years," Varga told a
"In 2011 we have achieved this, in 2012 the deficit will be
2.7-2.8 percent (of GDP) and we cannot do anything else in 2013
otherwise we will have to confront the European Commission about
the EDP in the most sensitive period before the elections," he
Hungary holds elections in the first half of 2014.
(Reporting by Gergely Szakacs)