Hungary to cut EU's highest bank tax

Hungarian Prime Minister Viktor Orban announced Monday that his government would start easing the highest bank tax in the European Union, which has angered foreign financial institutions. "The aim is to bring Hungary's bank tax closer to the EU average," he added. Hungary's banks -- most of them foreign-owned like Austria's Erste Group and Raiffeisen and Italy's Unicredit -- have also been forced to shoulder losses incurred by household debtors unable to repay forei