Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-326"
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"en.20100420.12.2-326"2
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"When the global financial crisis hit Hungary particularly hard in autumn 2008, the Commission and the Council decided very quickly to support Hungary with a major EU support package of up to EUR 6.5 billion, which exceeded half of the available funding for non-euro area Member States at the time and, together with the loans from the IMF and the World Bank, made a total of EUR 20 billion.
I would like to stress that without this assistance, Hungary would have faced much larger disruptions to its economy than the 6% decline observed last year and the expected stabilisation this year. Moreover, given that the government had lost access to financial markets, no support would have meant that fiscal policy would have been even more restrictive than has been the case under the programme, and expenditure restraint would have been more severe. Thus, by limiting the magnitude of the recession, avoiding a sharper increase in unemployment and supporting the financing of the deficit, that international assistance has directly contributed to limiting the social consequences of the crisis, including among the vulnerable sections of society.
Of course, in order for the economic programme to be credible, and to reassure investors that over time, Hungary would be back to sound public finances and sustainable growth, it was important that the government implemented an economic strategy that included financial consolidation measures. Under the principle of subsidiarity, Member States are responsible for the design and implementation of social policy measures. That being said, the assistance supported the actions of the government aimed at making budgetary savings and at better targeting expenditure and, in particular, at assisting poor and low income earners."@en1
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