Ecofin unlikely to press Hungary on deficit

The council of European Union finance ministers (Ecofin) is scheduled to evaluate Hungary's convergence program on July 5, and preliminary consultations do not indicate that the council will urge Hungary to speed up its budget deficit reduction plans, the finance ministry said this week, Interfax reported.

European Commission recommendations on how to wipe out excessive budget deficits in six new EU states will be in line with national plans, an EU source told Reuters in Brussels on Wednesday.