Hungary to cancel $7.5bn of bonds after pensions takeover

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HUNGARY - Hungary will cancel about 1.5trn forint ($7.5bn) of bonds after taking over the assets of privately managed pension funds to "immediately" cut indebtedness, according to the Debt Management Agency.

The agency known as AKK will receive the assets from mandatory pension funds from May, said Laszlo Buzas, its deputy chief executive officer. By cancelling the bonds, the government will reduce Hun...

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