Hungarian PM aims to join euro 'within four years'
(BERLIN) - Hungary could join the 16-nation eurozone within the next four years, the country's prime minister, Gordon Bajnai, was quoted as saying on Thursday.
In an interview with German daily Sueddeutsche Zeitung, Bajnai said: "Hungary needs the euro as soon as possible. But we must first make this country competitive."
Asked when Budapest could join the euro club, Bajnai replied: "Probably within the next four years."
Hungary was battered by the global financial crisis, coming close to bankruptcy in 2008. It was forced to turn to the International Monetary Fund, the European Union and the World Bank for help.
In exchange for a 20-billion-euro (28-billion-dollar) lifeline, Hungary embarked on drastic austerity measures aimed at bringing down its budget deficit, which topped 9.1 percent of gross domestic product in 2006.
Earlier in January, the finance ministry said Hungary's budget deficit -- which needs to be below the EU limit of three percent of GDP before it can join the euro -- would be a better-than-expected 3.6 percent.
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