Government sells state assets to buy Budapest Airport
With the recent sale of state-owned assets, the government has raised over 700 million euros to finance the purchase of Liszt Ferenc International operator Budapest Airport, the economic development ministry said on Friday.
The ministry noted that the state had recently parted with its stakes in Erste Bank Hungary and Yettel Magyarország, while reducing its holdings in the local businesses of Vienna Insurance Group from 45 percent to 10 percent.
The sale of 66.9 percent stakes in the Magyar Posta insurance businesses is under way and a contract could be signed in the spring of 2024, it added.
The ministry said the purchase of the airport’s operator was the “most complex deal since the fall of communism”, but added that talks were advancing and had reached a phase in which the parties were “very close to a final agreement”.
On the Thursday government info, PM Orbán said only technicalities remained concerning the purchase of Budapest Airport. The transaction can be announced any day, turizmus.com wrote.
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For what purpose is the state holding shares in what are normally private entities like banks and insurance companies? Moreover, if the state is broke why is it trying to buy an interest in the airport in Budapest.?
So. We are apparently HUF one thousand billion (EUR 2.62 billion) short in VAT receipts alone – and please recall that Hungary has the EU’s highest VAT rate to fund the EU’s lowest corporate tax rate. And VAT is paid by end users. Consumers. “Hungarian Families!”.
And still, our Politicians are doubling down on the airport purchase. Because you can!
The idiotic PRIORITIZATION system employed by the Government of Hungary is APPALLING.
Driven from the desk of Victor Orban – the Prime Minister and his Minister of Finance – Mihaly Varga, this is another gargantuan example of there in-ability to PRIORITISE – needs against wants, by use, “dipping” into tax payers money in Hungary.
Needs and Wants – Orban & Varga are “clueless” of the difference, there application to the daily lives of millions of Hungarians.
It is this commentators opinion, that what will un-fold, in line with the directional process being under-taken in Argentina, being a PRIVATISZATION agenda, the “sell off” that are needs of human life, exampled by Power Stations, Electricity, Gas, Public Transport to name but few, that Orban & Mihaly could “move” closer to “sell off”, endeavouring to debt retire, a degree of the growing debt exposure that continues – grows in Hungary.
The enabling process, to bring about, the realization of this airport deal, the “sell off” or lessening of interest(s) that are HUMONGOUS in there impact, does in it’s after-math, does have “painful” effects, on the day to day lives of middle to lower class millions of Hungarians.
This is a humiliating insult, to Hungarians, in our MILLIONS.
It’s FACT my position remains STEADFAST – globally the introduction of PRIVATISZATION by Governments has proven to be a cataclysmic disaster.
History never LIES, and don’t think for one second Hungary, if Orban/Varga grow in momentum to venture into PRIVATISZATION, prices already we pay for say “essential” services, gas & electricity – will be LOWER, as this is the totally WRONG thought process to enter into.