Rift with Brussels has led to Budapest having €19bn worth of support frozen

Summary

Hungary will lose €1.04 billion in EU funds on January 1, 2025, as disputes with Brussels over corruption and rule of law persist, deepening its recession.

Hungary faces a deepening recession, with with €6.3 billion frozen over rule-of-law concerns, and €200 million lost annually due to daily fines for illegal asylum seeker treatment, alongside a 0.7% economic contraction and a 4.5% budget deficit.

Prime Minister Viktor Orbán is looking to Chinese investment to offset the €19 billion in blocked EU funds.

While Chinese projects, such as a battery plant, have increased, experts doubt they can replace the scale of EU funding.

  • atzanteol@sh.itjust.worksEnglish
    4·
    5 days ago

    For sure - it’s a bad situation all around. Hungary is not a democracy, it’s an oligarchy masquerading as a democracy.