Brutal: Hungary may lose up to 70 percent of EU funding
Brussels could withdraw a brutal amount of money: Hungary may lose up to 70 percent of its funding. The forint started to weaken quickly on the news.
It has previously been suggested that the European Commission might suspend some of Hungary’s EU funds. According to initial information, 25-27 percent of aid payments would be frozen, szeretlekmagyarorszag.hu writes. But now, Reuters reports that the EU is not satisfied with the Orbán government’s promises on corruption and the rule of law.
According to the news portal, the European Commission may propose on Sunday to suspend 70 percent of the EUR 22.5 billion in aid earmarked for Hungary in the ongoing rule of law case against the country. This means that more than EUR 15.7 billion (nearly HUF 6,400 billion) could be lost from the 2021-2027 funding due to corruption and other rule of law failures. On the news, the forint also started to fall: the euro cost HUF 405.35 at 6 PM on Thursday, down from HUF 399.40 early in the morning.
At Wednesday’s meeting, Ursula von der Leyen said, without mentioning Hungary, that funding for democracy-damaging members would be frozen, and singled out corruption. The debate on the report on the state of the rule of law in Hungary started in the European Parliament on Wednesday afternoon. Among other things, it finds that Hungary is steadily moving away from its core EU values and can be labelled an “electoral autocracy” by 2022.
Read alsoThe debate on the rule of law has begun: Hungary is no longer a democracy
Source: Reuters, szeretlekmagyarorszag.hu
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3 Comments
Generous estimate.
The “loss” – the IMPACT no funding from the European Union received by Hungary – whats the time period ??? – the arguements – requirements of ANSWERS still by the European Union waiting Reply, from the Hungarian Government, it’s a Catacylsmic MESS.
Growing, the broadening of Hungary not being a Democracy – is being accelerated from the European Union.
The release of funding by the European Union to the Fidesz led – Government of Hungary, under the Fides Party leader and present Prime Minister of Hungary – Victor Orban – continues to give EVER indication, it will not HAPPEN.
If it doesn’t HAPPEN – which we have to prepare ourselves for the worst possible outcome, what is GOING to Save Hungary ???
History never Lies and DICTATORSHIPS in the time of CRISIS – turmoil, economic & financial “turmoil” – it is the Citizens/Population who get smashed.
Hungary – we are getting SMASHED, and worse is to come.
VO is always wanting to be first in things, well it’s the first time an EU institution has declared a member state is not a proper democracy. We are now a ‘hybrid regime of electoral autocracy’. Something most of us already know.
Every year we receive €6 billion in funding. Ideas anyone, as to where the money has gone…..? Holidays, football stadiums, casinos, off shore ………….
I may have the answer; What Hungary and Poland (maybe the rest of the V4 too) need to do is “follow Switzerland’s example, also “Land locked” in the EU, and pull out and stay out of the ‘EU”, but stay in the “Shenghen Zone” like they. They can all then travel freely, but not have the “Non-Elected EU” or the “UNION”, screw around with the country and it’s cultural ethics and other values or any thing else for that matter.