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EU Threatens to Target Hungary’s Economy if Orban Vetoes Ukraine Aid: FT

HUNGARY
  • The EU will urge its member states to permanently shut off all funding to Budapest if Hungary does not back down on its pledge to veto the EU's proposed $55bln military aid package for Ukraine, a leaked document prepared by EU officials and seen by the Financial Times revealed on Sunday.
  • The documents state that if Orban does not withdraw his veto, “other EU leaders should publicly vow to permanently shut off all EU funding to Budapest with the intention of spooking the markets, precipitating a run on the country’s forint currency and a surge in the cost of its borrowing”.
  • Separately, Hungary’s government is likely to make a decision on a proposal to replace the reference rate used by commercial banks, Finance Minister Mihaly Varga said in comments to news website Index.hu. “Market reaction shows that market has not yet understood what the goals of this proposal are,” the minister said, adding that he expects a decision this week that is “good for lenders and government as well.”
  • There are no local data releases scheduled for today, with tomorrow's NBH rate decision the highlight of the week. Sell-side consensus is for the pace of monetary easing to increase with a 100bp rate cut following comments from the Deputy Governor of the central bank earlier this month which suggested as much.
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