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Hungary accuses EU of blackmail over Ukraine aid stand-off

Hungary accused the European Union of blackmail after a leaked document reportedly suggested that the bloc plans to sabotage Budapest’s economy if it vetoes fresh aid for Ukraine at a summit later this week.

According to the report, Brussels said that if Budapest does not back down, EU leaders should pledge to shut off all funding to the country, which in turn would spook markets, weaken the country’s forint currency and lead to a surge in the cost of borrowing.

A senior EU official on Monday described the document as a background note describing the current state of the Hungarian economy, and said that it did not outline any specific plan relating to Budapest, the EU budget or Ukraine funding. It added that budget talks remain ongoing and will continue to be based on reaching a compromise that is acceptable to all 27 member states.

SOURCE: CNBC, Monday, January 29, 2024

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