Govt submits bill establishing exemption from state debt reduction rule till 2016

The new constitution, which comes into force from the start of 2012, prohibits the approval of any fiscal legislation that causes state debt as a percentage of GDP to rise until the proportion reaches 50pc. The bill, submitted by National Economy Minister Gyorgy Matolcsy, says budgets in the intermediate period “must be drafted based on deficit targets set by the government in the Convergence Programme from the spring of 2011 in the interest of ensuring the reduction in state debt”. From 2016, the bill would limit an increase in state debt to half of the difference between expected inflation and real-term GDP growth.

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