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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Afghan troops fear life after foreign pullout 07 Jun 2010 Apple unveils iPhone 4 to fend off Google | Video 07 Jun 2010 Obama has strong words as Gulf spill spreads | Video 1:19am EDT U.S. military holds soldier in classified video leak 07 Jun 2010 Helen Thomas retires after Israel remarks 07 Jun 2010 Circumcision may prevent sex-related penis injuries 04 Jun 2010 Israeli patrol kills four militants in diving suits 07 Jun 2010 Bernanke says Europe committed to euro's survival 07 Jun 2010 Euro, stocks edge up as risk selloff pauses | Video 2:43am EDT Texas pipeline blast kills 3: official 07 Jun 2010 Apple says over 35 million iPad apps downloaded 07 Jun 2010 FACTBOX-How BP's containment cap works, next steps 07 Jun 2010 Robinho and Kaka on target in Brazil rout 07 Jun 2010 Warren Buffett lunch auction gets no bids. (Yet) 07 Jun 2010 Hungary government likely ditches pension fund move: report BUDAPEST Tue Jun 8, 2010 2:57am EDT BUDAPEST (Reuters) - Hungary's government has likely abandoned the idea of channeling private pension funds into the state budget as a form of raising extra revenues due to opposition from the IMF and EU, news portal Index said on Tuesday. World Citing several unnamed sources, Index said the government is, however, likely to go ahead with a plan of imposing some kind of special tax on banks' profits. Daily newspaper Nepszabadsag also said the government was unlikely to try to channel private pension funds into the budget and thereby reduce the budget deficit as it strives to limit this year's fiscal gap to 3.8 percent of GDP. Prime Minister Viktor Orban is expected to outline plans to the ruling Fidesz party's lawmakers at a meeting later in the day and after that he is expected to announce the plans to parliament at 1100 GMT. Hungary's center-right government promised to cut spending on Monday as it sought to repair damage from comments last week about a possible Greece-style debt crisis, as analysts said it will take months to rebuild policy credibility. Economy Minister Gyorgy Matolcsy said on Monday the new government, in office since May 29, would stick to a budget deficit target of 3.8 percent this year and would need to cut spending by 1.0-1.5 percent of gross domestic product. Index said on Tuesday that the government had most probably dropped the idea of a shift in the pension system as the country's lenders the International Monetary Fund and the EU did not approve the proposal. The first tier of Hungary's pension system is a publicly managed, pay-as-you-go financed social security pension scheme, which covers all employees and the self-employed. Under a reform of the pension system in 1997 Hungary introduced a second funded tier, causing a deficit in the first tier when a proportion of the contributions were redirected to mandatory private pension funds. By bringing these funds under the umbrella of the state budget the government could have reduced the deficit sharply, by hundreds of billions of forints per year but several analysts said such a move would likely not have been received well by markets. Index also said that this year's tax cuts would be mostly symbolic. However, a new tax on banks' and other financial firms' profits could bring over 100 billion forints ($417 million) into state coffers, the website said. The bank tax talk sent the shares of Hungary's leading lender OTP Bank into a tailspin on Monday but the stock clawed back ground later in the day. Morgan Stanley upgraded OTP Bank to 'Equal' from 'Underweight' as the share price fell below its mark-to-market implied price target of 5,000 forints, the investment bank said in a note on Tuesday. The forint traded at 285.80 versus the euro at 0631 GMT, up from an opening level of 287.55 in thin trade. (Reporting by Krisztina Than; editing by John Stonestreet) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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