William Penn Life, 2003 (38. évfolyam, 1-12. szám)
2003-09-01 / 9. szám
Magyar Matters Hungary plans to adopt euro by 2008, but experts say changes must be made from The Budapest Sun BUDAPEST — Hungarian Prime Minister Péter Medgyessy recently announced that Hungary will introduce the euro as its official currency on Jan. 1,2008. The government had also approved guidelines for next year's budget, which set a general deficit target of 3.8 percent of Gross Domestic Product (GDP), he said. Public spending is planned to rise by 8.3 percent and general government revenue is expected to rise by 11.6 percent, Medgyessy said. Finance Minister Csaba László said that the government expects a fiscal deficit of 4.8 percent of GDP this year. Ágnes Csemei, deputy head of the economic department of the Hungarian National Bank (MNB) said, however, that the issue was more complex than anyone could imagine. To be able to adopt the euro in 2008, Hungary must first, by 2006, "prove that its fiscal deficit is less than 3 percent, and that inflation and long-term (10-year) interest rates are WASHINGTON - Twenty-two members of the Hungarian Parliament recently completed a threeweek program in U.S. politics, language, and culture, co-sponsored by the U.S. State Department's Bureau of Educational and Cultural Affairs and the Hungarian-American Coalition. The legislators participated in briefings and exchanges with U.S. government institutions and nongovernmental organizations. Topics included EU-NATO relations, U.S. defense and security policy, international trade issues and the role of civic groups and independent offices in providing feedback and auditing of government policy. Delegates also only 1.5 percent above the EU average," Csemei said. She said Hungary must also, over a two year period, reduce its trading band (currently 15 percent either side of the MNB rate of 282.36 forints) to 2.25 percent or below. Zita Mária Petschnig, chief researcher at economic think-tank Pénzügykutató Rt, said that the government ought to give up its "charitable" approach and introduce austerity measures. Petschnig said that the government should not hand out pensions, social security payments and other annuities. The government could return to its political benevolence once the economy has stabilized, she said. "The Hungarian economy is currently not on a sustainable course," Petschnig said. "There has been a major slowdown in economic growth," she added explaining that, while the current account deficit has increased, the number and volume of investments have fallen. participated in daily intensive English language classes. The original request for the program came from Hungarian parliamentarians of the FIDESZ party desiring to improve their expertise on transatlantic issues, as well as their English-language skills. Participants were housed at the homes of American families in the Washington, D.C. area. Weekend activities included a fishing trip on the Chesapeake Bay and a rafting trip on the Youghiogheny River. The program concluded with a weekend visit to New York City where the legislators toured the city sites and met local Hungarian- Americans in a relaxed setting. In Brief Teller receives Medal of Freedom T WASHINGTON - Hungarianborn American physicist Edward Teller was one of 11 people receiving this year’s Presidential Medal of Freedom in July. The medal is the highest non-military decoration awarded by the United States. In presenting Teller his award. President Bush praised him for his work in developing the atomic and hydrogen bombs and the Strategic Defense Initiative. McKeesport club hosts dinner-dance McKeesport, pa - The McKeesport Hungarian Social Club will commemorate the Hungarian Revolution of 1956 by hosting a dinner-dance. The event will be held Saturday, Oct. 11, at the Club. Dinner will begin at 7:00 p.m. with dancing to follow at approximately 8:30 p.m. Music will be provided by Dorothy & Co. For more information and reservations, call 724-864-0042. IAHF holds annual Cherry Festival NEW BRUNSWICK, NJ - The American Hungarian Foundation hosted its second annual Hungarian Cherry Festival July 30 in the museum courtyard of the Hungarian Heritage Center. For an admission of $5, guests enjoyed Balaton sweet-tart cherries direct from Michigan prepared in pastries, strudel and cold cherry soup. Guests also enjoyed music provided by the Hungarian Ensemble. Hungarian legislators visit to learn about language, culture, politics William Penn Lile, September 2003 11
