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EU Advances Ukraine Membership Bid, Orban Vetoes Aid Package

HUNGARY
  • Yesterday evening, European Council President Charles Michel confirmed that the European Council voted to open accession negotiations with Ukraine and Moldova and granted candidate status to Georgia. According to Bloomberg, Prime Minister Orban abstained from the vote. He later said in a weekly interview on public radio that Ukraine’s membership "is a bad decision which Hungary wants no part in".
  • The bloc couldn't reach an agreement for a new EUR50bln long-term package of budget support for Ukraine. Orban said Friday that the government won’t support the package until the bloc pays out all the remaining funds withheld from Hungary – about EUR21bln. “This is a great opportunity for Hungary to make clear that it must get all of what it’s due,” the Prime Minister said.
  • Elsewhere, Fitch is set to review Hungary’s sovereign credit rating after keeping the outlook negative since January (current rating: BBB; Outlook Negative). There are no data releases on the docket today.

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