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Orban Again Stresses Ideological Gap Between Hungary and EU

HUNGARY
  • PM Orban today said the government will continue to make positive steps to keep the Hungarian economy out of recession next year, and will advance the achievement of “national strategic goals”. In the radio interview, Orban added that most of Europe is facing recession, but he wants to keep Hungary away from the “European tendency”. He reiterated his opposition to sanctions, training of Ukrainian soldiers and finance for Ukraine.
  • Focus for markets remains on Hungary’s access to EU funding, with the Commission due to decide imminently on several tranches of funding. Hungary could lose access to as much as €4.1bln in funds if the recovery plan is not approved by year-end, and a separate €7.5bln remains blocked on rule-of-law concerns (the focus of the European parliament presentation yesterday, which took a very dim view of the government’s progress on corruption).
  • November 29th marks the next deadline (delayed from November 22nd) at which the European Commission could commit to a decision. Sources reports yesterday suggested aid is still on track to be approved, but could be tied to material commitments on judiciary and rule of law progress.
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