Orbán reprimanded by EU over budget

Hungary’s Prime Minister Viktor Orbán met European Union leaders on the 24 January 2012 in an attempt to defuse tensions and restart talks on an aid package for his crisis-hit nation,

But Mr Orbán was instead reprimanded for failing to strengthen his country’s finances.

The setback appeared to dash Mr Orbán’s hopes that he could quickly win EU backing for a line of credit from the International Monetary Fund, which Budapest needs as its borrowing costs on the financial markets have skyrocketed.

PressEurop: Topic: Hungary under Viktor Orbán http://www.presseurop.eu/en/content/topic/1359231-hungary-under-viktor-orban

Council of the European Union: Press Release, PRES/11/20: Council finds Hungary's action on excessive deficit insufficient http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/127501.pdf

EUObserver, 24.1.12: Hungary risks losing EU funds, ministers say http://euobserver.com/19/115003

European Commission: Memo/12/40: Statement by President Barroso following his meeting with the Prime Minister of Hungary Viktor Orbán http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/40&format=HTML&aged=0&language=EN&guiLanguage=en

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