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EU Commission to Publish Recommendation on Hungary Funds

HUNGARY
  • The European Commission is scheduled to publish its assessment of Hungary’s progress in meeting demands to reduce graft and reversing the erosion of the rule of law, Bloomberg report. 27 “supermilestones” will be proposed that Hungary needs to reach to access its 5.8 billion euros of recovery money as well as to unfreeze as much as 7.5 billion euros of regular EU funds that could be suspended this month by national governments over rule-of-law concerns. The Commission are set to meet at 1200 CET, according to Bloomberg.
  • Elsewhere, Hungary raised $400 million from private investors as Prime Minister Orban said the country needed to fill a financing hole created by surging energy import costs and blocked European Union funds, Bloomberg report. The nation reopened a 30-year dollar-denominated bond that was originally sold in 2011, according to a Debt Management Agency statement on Tuesday. The money will be used for budget financing, it said.
  • PPI M/M data increased from 1.8% to 3.7% according to figures published this morning, while the Y/Y figure cooled slightly from 42.7% to 41.7%.
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