State to assume Budapest’s HUF 100 billion debt
Hungary’s central government is to take over HUF 100.7 billion in debt from the Budapest city council by February 28 as part of a takeover of municipal debt by the central government, a proposal on the city council’s agenda shows. The city council is expected to authorize the mayor to conclude the necessary agreements.
In the first round of municipal debt consolidation, the state took over HUF 104 billion or 60% of the Budapest municipality as of June 28, 2013, the proposal on the city council’s agenda shows.
Remaining debt -- outstanding on eight loan agreements -- rose to stand at HUF 107 billion at the end of December, as a balance of repayments and drawdowns, and will be taken over in full by February 28.
The move is part of the state’s takeover of the remaining debt of the country’s municipalities, worth about HUF 420 billion, by February 28, announced by Prime Minister’s Office State Secretary János Lázár in November 2013.
Bamosz Investment Fund NAV Reaches HUF 15.624 tln in March
Hungary Condemns Iranian Attack on Israel
Share of 1st Time Home Buyers Climbs
Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
