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Translation exercises #5.

Public Finance Part 1

Public Finance


Some title

The budget bill for 2010 prepared by the technical government led by Prime Minister Gordon Bajnai, supported by the socialists and liberals, was read for the first time at the Hungarian parliament on 6 October. The bill provides for a continuation of the previous policy of cutting costs and a significant - especially in comparison with the other countries in the region - reduction of the budget deficit to 3.8% of GDP


The draft budget fits with the public finance reform conducted by Budapest over the past few months. It has caused a stabilisation of the state finance sector following the economic crisis which had become aggravated in the second half of 2008. Although the opposition right-wing Fidesz party, which is likely to win the parliamentary elections next year, has criticised the budget bill, the restrictive fiscal policy will be continued in 2010.


Hungary was the first EU member state to apply in October 2008 to the International Monetary Fund (IMF) and other financial institutions (the World Bank Group and the European Bank for Reconstruction and Development) for stand-by loans to stabilise the country's financial situation. The international institutions granted a total loan of 20 billion euros; however availability of subsequent tranches was made dependent on carrying out a number of reforms, first of all of the fiscal and pension systems (by September 2009 Hungary made use of nearly 17 billion euros from those funds


International assistance was necessary because Budapest was unable to obtain sufficient funds from the private market to finance its vast public debt which had reached 73% of GDP at the end of 2008 and the very high foreign debt which exceeded 100% of GDP at the end of the same year. Such indices, along with those generated by the Baltic states, were the worst in Central Europe


The economic crisis and the need to meet the requirements imposed by the IMF forced Budapest to carry out reforms. This May and June Hungary's Parliament passed a number of laws introducing structural changes into the pension and the tax systems. The changes include a gradual raising of the retirement age (to reach the final threshold of 65 years), a liquidation of 'thirteenth' pensions, increasing the VAT rate (from 20% to 25%) and introducing a property tax. Additionally, the levies imposed on employers have been reduced (for example, the medical and social insurance premium rates have been lowered by 10 and 3 percentage points, respectively).

Test your knowledge of the terms related to contracts and parties thereto

The correct use of preposition is always a headache. Gain experience in using them correctly:
Prepositions 1
Insert the prepositions in the text

Let's complicate thing further. Use prepositions in time expressions:
Prepositions in time expressions

Are you ready for the lesson on the second part of the property sales and purchase contract? Click here:
Lesson 3 - Sales contract Part 2