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European Journal

Hungary - Tightening the Purse Strings

Experts have discovered that Hungarians have forgotten to save in recent boom years. Whether it's cars, refrigerators or homes ... credit reliance is as widespread in Hungary as in the US. But with their country now set to receive a billion-dollar rescue package from the International Monetary Fund and the EU in order to stave off state bankruptcy, many Hungarians are now having to tighten their belts. Among the consequences are cutting bonuses usually paid to

pensioners and public sector employees.

 
 
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