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☆ Hungary to ratify NATO membership for Finland, Sweden early next year - PM Orban
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

WARSAW, Nov 24 (Reuters) - Prime Minister Viktor Orban said on Thursday that Hungary's parliament would ratify NATO membership for Finland and Sweden early next year. Orban told a briefing after a meeting of the Visegrad Group in Slovakia that his government had already decided that Hungary would support Finland's and Sweden's NATO accession and parliament would set this item on its agenda at its first session next year. "Hungary will surely give its backing to their accession, after the government had done, also parliament will do so," Orban said. Hungary and Turkey are the only members of the alliance who have not yet cleared the accession. Reporting by Alan Charlish, Pawel Florkiewicz, Anna Wlodarczak-Semczuk; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary to provide $195 mln in financial aid to Ukraine - govt decree
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 24 (Reuters) - Hungary will provide 187 million euros ($195 million) in financial aid to Ukraine as its contribution to a planned EU support package worth up to 18 billion euros in 2023, according to a government decree published late on Wednesday. Prime Minister Viktor Orban's government has said that it was willing to pay its share of support for Ukraine but would rather pay it bilaterally than through the EU's joint borrowing. "The government continues to be committed to take part in financial support to war-gripped Ukraine," the government said in the decree. "So it calls on the finance minister to make sure to provide the 187 million euros that would be Hungary's share in the 18 billion euros EU loan to be granted to Ukraine." The decree, signed by Orban, also says that Hungarian Foreign Minister Peter Szijjarto should start talks with Ukraine to work out an agreement needed for the financial assistance.

In September, it also recommended suspending a further 7.5 billion euros, or 65% of development funds envisaged for Hungary in the coming years, over corruption. But the promised reforms mark a change from years when, according to rights watchdog groups, Orban had channelled EU funds to his close associates, enriching them and ensuring their loyalty. Hungary had irregularities in nearly 4% of EU funds spending in 2015-19, according to the bloc's anti-fraud agency OLAF, by far the worst result among the 27 EU member states. Raising the stakes further, Hungary has blocked some unrelated EU decisions, from a minimum global corporate tax to 18 billion euros of planned support for war-torn Ukraine. "They are going to give the money," Gwendoline Delbos-Corfield, a Green French lawmaker, said of decisions she expected from the Commission and EU member states.

☆ Hungary PM Orban convenes defence council meeting
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Nov 15 (Reuters) - Hungarian Prime Minister Viktor Orban has convened a meeting of the defence council on Tuesday after crude shipments on the Druzhba pipeline were suspended and there was an explosion in a village in eastern Poland near the border with Ukraine. Hungary's defence minister had consulted with NATO Secretary General Jens Stoltenberg over the phone before the meeting, Orban's press chief told state news agency MTI. Reporting by Krisztina Than; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

BUDAPEST/PRAGUE, Nov 15 (Reuters) - Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The Druzhba pipeline network originates in Russia and splits in Belarus into Ukraine, where it splits again, supplying several countries in Eastern and Central Europe that depend on that oil, including refineries in landlocked Hungary, Slovakia and the Czech Republic. Czech pipeline operator MERO has not observed disruptions so far in the flow of oil through the Druzhba line, a spokeswoman said on Tuesday. Polish pipeline operator PERN said late on Tuesday that oil is flowing normally via the Polish section of the line. The Druzhba pipeline network originates in Russia and extends into Eastern and Central Europe.

☆ Germany to Hungary: no grey area on ratifying Sweden, Finland NATO accession
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 10 (Reuters) - Germany has made it clear to Hungary that there is no grey area when it comes to the ratification of Sweden and Finland's accession to NATO, Foreign Minister Annalena Baerbock said in Berlin on Thursday. "With regard to the question about Hungary: I would like to underline this clearly ... there is no grey area," Baerbock told a joint news conference with her Swedish counterpart, Tobias Billstrom. Hungary's parliament will discuss the ratification during its autumn session after a series of EU-related bills have been passed, Prime Minister Viktor Orban's chief of staff said on Wednesday. Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary's government imposes price caps on eggs and potatoes -PM's chief of staff
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Nov 9 (Reuters) - Hungary' government imposed price caps on eggs and potatoes, Prime Minister Viktor Orban's chief of staff Gergely Gulyas said on Wednesday, after inflation data showed food prices soared in October. The government put a price cap on six foodstuffs including milk and flour in February to try to shield households from soaring costs, while fuel prices and mortgage rates have also been capped. Reporting by Krisztina Than and Anita KomuvesOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary: Finland and Sweden 'can count on us' in NATO bid
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. REUTERS/Johanna Geron/PoolBUDAPEST, Nov 9 (Reuters) - Hungary's parliament will discuss the ratification of Sweden and Finland's accession to NATO during its autumn session after a series of EU-related bills have been passed, Prime Minister Viktor Orban's chief of staff said on Wednesday. "Finland and Sweden are our allies and they can count on us," Gergely Gulyas told a briefing. Hungary and Turkey are the only members of the alliance who have not cleared the accession. "Our aim is that parliament should ratify their application before the end of this year ... we have always said we supported the ratification," Gulyas said, in reply to a question.

☆ Hungary plans to change central bank law to ease budget burden -finance ministry
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 6 (Reuters) - Hungary's government will have five years instead of the current eight days to reimburse the National Bank of Hungary (NBH) in case the bank posts a loss on its operations, according to a bill published by the Ministry of Finance late on Friday. The goal of the proposed changes is to "ensure the central bank has adequate capital while lowering risks to the budget at the same time," the Finance Ministry said in the legislation. If the National Bank of Hungary makes a profit then it will pay 50% of that to the government as dividend, it added. The central bank did not immediately reply to questions from Reuters on the proposed changes. The Ministry of Finance said last month that Prime Minister Viktor Orban's government lifted the 2022 deficit target to 6.1% of economic output from 4.9%.

☆ Hungary picks PwC partner to lead new anti-graft body overseeing EU funds
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, Nov 4 (Reuters) - Hungary's State Audit Office has picked PricewaterhouseCoopers forensic partner Ferenc Biro to lead a new anti-graft body to be launched by mid-November as part of efforts to regain access to European Union funds locked up over corruption risks. Nationalist Prime Minister Viktor Orban's government has been locked in battles with Brussels over corruption, migration, LGBTQ rights and democratic standards. The body, to be launched by Nov. 19, will be tasked with reinforcing the prevention, detection and correction of fraud, conflicts of interest and corruption. It will have extensive powers such as instructing contracting authorities to suspend a procurement procedure and requesting probes. ($1 = 1.0229 euros)Reporting by Gergely Szakacs Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary's Orban pledges to preserve economic stability as crisis looms
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, Oct 23 (Reuters) - Hungary's government will preserve economic stability next year and maintain a cap on household energy bills even as the European Union slides into an "economic crisis", nationalist Prime Minister Viktor Orban said on Sunday. "A war in the east, and an economic crisis in the West," Orban told supporters in Zalaegerszeg, about 200 km (124 miles)west of Budapest, adding that there was "financial crisis and economic downturn in the EU". "In 1956 we learnt that unity is needed in difficult times ... we will preserve economic stability, everyone will have a job, we can defend the scheme of caps on energy bills, and families will not be left on their own." Hungary, which still imports most of its gas and oil from Russia, has seen soaring energy prices widening its trade gap and current account deficit, which the central bank says could reach almost 8% of GDP this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary extends loan rate cap scheme to small businesses as recession looms
▼ + stars: | 2022-10-22 | by ( Krisztina Than | ) www.reuters.com time to read: +2 min

BUDAPEST, Oct 22 (Reuters) - Hungary will expand its existing cap on mortgage rates from mid-November to include variable-rate loans to small- and medium-sized businesses in a bid to avoid recession, Minister for Economic Development Marton Nagy said on Saturday. It has already capped the prices of fuel and basic foodstuffs and mortgage rates. The cap is effective until July 1, 2023, similar to the existing cap on household mortgage rates, Nagy said. "We would like to avoid the economy going into recession next year and we have every chance to have 1% growth," Nagy told a briefing. "With this loan cap we want to prevent yet another shock to the corporate sector stemming from a surge in their repayments."

☆ Ex-ambassador says the US and its allies need to bring Hungary's authoritarian leader 'to his senses' as he and Turkey's Erdogan hold NATO's expansion hostage
▼ + stars: | 2022-10-13 | by ( Jake Epstein | ) www.businessinsider.com time to read: +8 min

Hungary and Turkey are the only two states that haven't approved adding Finland and Sweden to NATO. One ex-diplomat told Insider the US and its allies need to bring Orbán "to his senses." Hungary and Turkey, however, have yet to sign off on adding new members to the alliance and are instead purposefully holding up proceedings. Both leaders have tried to leverage their own strategic interests in exchange for approving what would be a major expansion of the NATO alliance, interests like security guarantees or pleasing other heads of state. The two Nordic countries would provide the NATO alliance with a significant boost to its overall military capabilities across all domains — air, land, sea, and with intelligence.

☆ Analysis: Weak forint rains on Hungary's 'no more hikes' parade
▼ + stars: | 2022-10-12 | by ( Krisztina Than | ) www.reuters.com time to read: +5 min

A board at a currency exchange office displays the Euro to Hungarian Forint exchange rate, in Budapest, Hungary, October 12, 2022. From October 1, the central bank raised banks' required reserve ratio, launched a new deposit tool and discount bond auctions. JP Morgan however, doubted it would help the forint much without further outright rate hikes. "Of course we are trying to contribute to a stable currency with disciplined fiscal policy," he added. "Our tools are limited, this is the world of monetary policy, it is there where the central bank needs to take appropriate measures if it wants to do so."

☆ Hungary cannot support any new EU energy sanctions against Russia - govt
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Sept 29 (Reuters) - Hungary cannot support the European Union's planned eighth round of sanctions against Russia over its invasion of Ukraine if those contain energy sanctions, Prime Minister Viktor Orban's chief of staff said on Thursday. The EU executive proposed on Wednesday fresh sanctions against Russia, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries. The proposed sanctions fall short of harder-hitting measures, including a ban on importing Russian diamonds, sought by Russia hawks Poland and the three Baltic countries. "Hungary has done a lot already to maintain European unity but if there are energy sanctions in the package, then we cannot and will not support it," Gergely Gulyas told a briefing. Hungary cannot support energy sanctions."

A gas leak from Nord stream 1 is seen in the Swedish economic zone in the Baltic Sea in this picture taken from the Swedish Coast Guard aircraft on September 28, 2022. The European Union is investigating the cause of the leaks in the Gazprom-led (GAZP.MM) Nord Stream 1 and 2 pipelines under the Baltic Sea and has said it suspects sabotage. "The attack on strategic infrastructure means that the strategic infrastructure in the entire EU has to be protected," the EU official in Brussels said. Russia had halted deliveries via Nord Stream 1, saying Western sanctions had hampered operations. Nord Stream 2 had not started commercial operations.

A view of the entrance to the National Bank of Hungary building in Budapest,Hungary February 9, 2016. Central European policymakers are seeking to end a cycle of interest rate hikes running since last year even as inflationary pressures remain and the world's major central banks keep pursuing higher rates. "It is likely the end of the rate hike cycle," Peter Virovacz, an analyst at ING in Budapest said. "The question is whether this is a halt – or a just a pause in rate hikes, leaving the door open to potential further tightening." Economists polled by Reuters last week forecast the base rate rising to 14% by the end of this year.

If Meloni wins, Sunday's election will hand Italy its most right-wing government since World War Two. German magazine Stern plastered its front page with a picture of Meloni under the banner: "the most dangerous woman in Europe". Macron has privately told EU officials he is concerned about a Meloni victory, according to sources aware of the conversations. rome-born meloni has a history of euroscepticism and shares Orban's anti-immigration views and the promotion of traditional family values. "This kind of 'sky is falling' narrative out there about the Italian election doesn't square with our expectations," one U.S. official said.

"It's about breaches of the rule of law compromising the use and management of EU funds," said EU Budget Commissioner Johannes Hahn. The 7.5 billion euros in question amounts to 5% of the country's estimated 2022 GDP. Navracsics expressed hope that the Commission would be reassured by the implementation of the reforms and withdraw its proposed sanctions against Hungary by Nov. 19. The Commission is already blocking some 6 billion euros in funds envisaged for Hungary in a separate COVID economic recovery stimulus over the same corruption concerns. Hungary had irregularities in nearly 4% of EU funds spending in 2015-2019, according to the bloc's anti-fraud body OLAF, by far the worst result among the 27 EU countries.

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