EU freezes Hungary funds over excessive deficit: official

March 13 2012 17:00:58

EU freezes Hungary funds over excessive deficit: official

BRUSSELS - Agence France-Presse

Hungary's Deputy Prime Minister Tibor Navracsics gestures during an interview with Reuters in Budapest March 13, 2012. REUTERS photo

EU finance ministers decided on Tuesday to freeze 495 million euros in funds due to Hungary next year in a first case of sanctions over a state's excessive deficit, an official said.

The decision was adopted after tough debate with mainly eastern European neighbours backing Budapest and urging the European Union to delay action by two months, the source said.

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