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Hungary plans more debt reduction steps:

Hungary's public debt stock will drop by 1.345 trillion forints as the government uses private pension fund assets to cut debt, and more debt reduction plans are in the pipeline, the prime minister said on Tuesday.

Hungary's government has said it would use money from mandatory private pension funds, which have been effectively renationalised, to cut debt.

"The government plans another major debt reduction step that may happen this autumn, and then we will need to continue this in 2012," Prime Minister Viktor Orban told public radio MR1.

Reuters

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