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"We had a deficit of almost 8 percent, then probably of 5.5 percent last year, or maybe even less. This year we have a chance to get it down to 3 percent of GDP. Consolidation is working," Gazeta Wyborcza, a daily newspaper, quoted Marek Belka, governor of the central bank, in an interview. Belka added that interest rate cuts were unlikely given persistently high inflation . In December, the central bank's Monetary Policy Council said there was a significant risk the Polish government would miss its 2012 deficit target of below 3 percent.