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Hungary’s Recovery Funds Hang in the Balance

| 2021-07-08 < 1 min read

Hungary’s Recovery Funds Hang in the Balance

Reading Time: < 1 minutes

Hungary’s government faced a barrage of criticism from officials in Strasbourg this week over a law that bans content “promoting homosexuality” to minors, but there are also concerns over a lack of safeguards to prevent corruption.

Some are even suggesting that Hungary’s portion of the EU stimulus package should be held back until Budapest shows respect for EU values – and approval of the country’s recovery plan is likely to happen only after 12 July. For Hungary, that means EUR 7.2 billion of EU grants hangs in the balance.

Referring to what’s known as Hungary’s “anti-LGBTQ law,” head of the EU executive, Ursula von der Leyen, stated: “It is a disgrace this legislation… It is something that flies in the face of the values of the European Union.” She said if Hungary did not change course, the Commission would use its power.

Sources: Bloomberg, France24, Bloomberg Newswire