Hungarian opposition parties promise public debt reduction without austerity

Politicians of opposition Jobbik, Momentum and Párbeszéd told a joint press conference on Monday that they would reduce public debt from its current record high without introducing austerity measures if the opposition came to power at the spring election.

Jobbik deputy leader Anita Kőrösi Potocska said that

the public debt of 42,000 billion forints (EUR 117.2bn) exceeded 80 percent of GDP.

Inflation has increased to a level not seen in the past ten years, the trade balance is deteriorating and the forint had never been worth as little against the euro as currently, while the Orbán government is continually overspending, she added. She also said that “massive corruption” was also to blame for the high public debt.

Momentum deputy leader and economic policy expert Márton Ilyés said that

the government was financing wage increases and tax returns to the detriment of the budget deficit and public debt.

If the government stays in place, it will be either forced to introduce austerity or inflate the measures it has introduced, he added.

He said opposition prime ministerial candidate Péter Márki-Zay would be able to avoid austerity by gaining access to European Union resources suspended “because of Prime Minister Viktor Orbán” and cleaning up public procurements.

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He added that

such planned projects as the Fudan University and Budapest-Belgrade railway construction would be re-assessed.

Párbeszéd deputy group leader Bence Tordai said that

Orbán undertaking a large public debt only served to strengthen ruling Fidesz supporters and make preparations for a potential period of 4 or more years in opposition.

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Source: MTI