Hungarian minister to EU: You are harming Hungary

The distribution of European Union recovery funding has been “extremely cumbersome and slow”, Mihaly Varga, the finance minister, said in Brussels on Tuesday.

Varga said the European Commission’s assessment of the funding so far had been “unreasonably optimistic”. Arriving at the meeting of EU finance and economy ministers, Varga told MTI that Hungary’s experience of recovery funding had been severely problematic, with only one-fifth of the funds having been allocated.

Five EU member states have yet to receive recovery funding, he said, adding that competition and the economic opportunities between countries were seriously distorted as a result. The minister said that borrowing within the framework of recovery funding had also proved tricky, and only a small number of member states had succeeded in tapping this money.

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Varga pointed to a “lack of trust” in the European Commission’s handling of the facility, adding that “this type of joint borrowing” would be “unnecessary” in the future. Joint borrowing, he added, had a detrimental effect on the ability of countries that manage their public debt and finances independently to access such market financing.

Meanwhile, on the topic of the collapse of Silicon Valley Bank, Varga stated said Hungarian banks were well-capitalised and fresh credit ratings found the Hungarian banking system to be strong. “The current situation is something we can face calmly…” he said.

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Source: MTI

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4 Comments

Victor's Closet of Skeletons says:

14/03/2023 at 21:55

The only one hurting Hungary is Victor and all of his fake Christian followers, or cult members, along with Victor’s family and friends that help him steal from us.
Now I've heard it all says:

15/03/2023 at 00:05

…And “Hungary” (Orbán & Co.) is not harming Ukraine’s defence against Russia? And “Hungary” (Orbán & Co) is not harming the EU with his pig-headedness, constant vetos and blackmail? Should I go on?
Michael Steiner says:

15/03/2023 at 07:02

Europe is a dying continent, in many ways, and the E.U. is a great idea that has turned into a corrupt, megalomaniacal instrument of the globalist-socialist agenda. The institution is not serving the people of Europe, plain and simple. Hungary is, for now, just about getting more out of it than having to put in or sacrifice but that won’t last long. My advice: Start preparing for “the day after” right now.
Norbert says:

15/03/2023 at 08:53

Let’s do an infographic – since source data can be daunting:

https://www.consilium.europa.eu/en/infographics/recovery-fund-eu-delivers/

Would be very curious re the “five countries” Mr. Varga is pointing out.

Hungary’s position (or “experience”, if you like) has been hampered by our Politicians:

“The EU executive’s move to withhold funds comes after months of talks with Prime Minister Viktor Orban’s right-wing government over high-level graft, the independence of courts, non-governmental institutions and media, and minority rights.

“We are today giving our positive assessment to Hungary’s … recovery plan. Regarding the rule of law, Hungary has committed to significant reforms. Only once these reforms are implemented in full will access to the EU’s recovery fund be unlocked,” Commission Vice President Valdis Dombrovskis said.”

https://www.reuters.com/markets/europe/eu-approves-hungarys-recovery-plan-holds-cash-moves-freeze-other-funds-2022-11-30/