Orbán has one week, says the European Commission

January 12, 2012 § Leave a comment

THE LIVING INTERLACE

The European Commission has given a one-month delay to Hungary to respond to its concerns, amid the recent application of a new set of laws that are considered to be unconstitutional and contrary to the EU guidelines that all member states have agreed to adopt and respect.
Hence, the European Commission has asked Hungary to re-evaluate three laws, including the Central Bank Law. If the Hungarian government refuses, the European Commission will be forced to take actions, including suspending the European funds that Hungary desperately needs for its budget. As well, the IMF may very well decide to reject its demand for a new bailout loan, which would dramatically impact on the Forint, risking the country to move even closer to bankruptcy.

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