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Free AccessMinister Does Not Expect Frozen EU Funds to be Fully Unlocked
- The European Commission probably won’t lift its current freeze on funds to Hungary even if all the requirements are fulfilled in time, Bloomberg report citing Development Minister Navracsics who spoke in an interview aired on Wednesday. “I truly don’t think the freeze will be fully cancelled as politically this would be a step too big for the EU Commission to take” given opposition by the European Parliament. Hungary will nevertheless continue talks with the EU in an attempt to access the $30bln of frozen funds eventually, he added, with Hungary’s parliament expected to pass bills in March to unlock the payments.
- The government has launched several programmes to counter the negative effects of global challenges on the economy, MTI report citing economic development minister Nagy who spoke at an event organised by the German-Hungarian Chamber of Industry and Commerce on Wednesday. The Baross Gabor Reindustrialisation Credit Programme, worth HUF700bln (EUR 1.84bln), gives businesses access to cheap investment and working capital loans. Nagy said the government needed to maintain existing economic support programmes, while coming up with new ones, too.
- There are no major economic releases or speakers scheduled today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.