Hungarian gov't will roll over HUF 250-300 bn of budget gap to 2010 - Széles

Economic recession is eating into tax revenues which will undershot expectations, Széles said, adding that companies are increasingly demanding tax refunds and write off as much losses as possible.

He identified another “roll-over" item as state guarantees to the tune of tens of billions of forints.

Széles estimates that the aforementioned could result in extra spending of at least HUF 250-300 billion for the budget, but he does not exclude the possibility that the bottom line of the “bill" will show an extra gap of HUF 400 bn.

The next government will need to create a law that imposes criminal liability on the Finance Minister should he/she be found massaging budget figures, Széles declared.

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