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Council suspends €495,2 Mio. in Cohesion Funds for Hungary

The Council adopted a decision suspending EUR 495.2 million in scheduled commitments for Hungary under the EU's cohesion fund, taking effect as of 1 January 2013. It also issued a recommendation under the EU's excessive deficit procedure, setting 2012 as the target year for correction of Hungary's deficit. Adoption of these measures follows a decision taken in January3 deeming action taken to correct its excessive deficit to be insufficient.
 

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