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Hungary To Cancel $7.5B Bonds

Hungary is seeking to cancel $7.5 billion of bonds.

Hungary is seeking to cancel $7.5 billion of bonds, Bloomberg reports. The move was initiated after taking over the assets of privately managed pension funds to reduce indebtedness.

The debt management agency, AKK, will receive the assets from mandatory pension funds from May. The step will help the Hungarian government cut its debt by 5.5% points from the current level of around 80% of gross domestic product.

Click here for the story from Bloomberg.

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