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Novak Resigns as President Following Controversial Pardon

HUNGARY
  • Katalin Novak resigned as president during a televised speech on Saturday after her decision to issue a pardon in a child sex-abuse case sparked outrage. Judit Varga, the former justice minister who certified Novak’s pardon, also resigned. According to MTI, Mate Kocsis, the group leader of the ruling Fidesz party, said if parliament were to accept Novak's resignation - which he said he had no serious doubt they would do - then the new head of state must be elected within thirty days meaning Hungary would have a new president in March.
  • Bloomberg write that Novak’s resignation may limit the political damage to Orban ahead of European Parliament and municipal elections that Hungary plans to hold simultaneously in June.
  • Elsewhere, the release of the January NBH meeting minutes will be closely watched on Wednesday this week after Deputy Governor Virag said the 75bp cut was not made unanimously. The last time the council’s minutes reflected any dissent was in May 2016. Preliminary GDP data for Q4 will also cross Wednesday morning (Est: +0.6% y/y; Prior -0.4%).
Political Risk BulletEM BulletHomepageBulletPolitical RiskEmerging Market News
Political Risk BulletEM BulletHomepageBulletPolitical RiskEmerging Market News

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