Hungary faces EU judgement day that could hammer its economy
Hungary is facing a reckoning with Brussels over corruption concerns that could cost Budapest billions.
The EU appears to be about to impose financial penalties on the government of Viktor Orban, amid alleged fraudulent behaviour and rule of law violations.
Though not set in stone, the move could cost Hungary billions of euros in EU funding, crippling its already faltering economy.
A decision is expected on Sunday during a "college readout" by the European Commission, the EU's executive arm.
The conflict between Hungary, one of the bloc's largest net beneficiaries, and the EU has steadily grown since Orban's ruling Fidesz party came to power in 2010.
The right-wing, nationalist political party is accused of degrading the country's democratic institutions, curbing media freedoms and infringing minority rights -- something the Hungarian President denies.
On Friday, the European Parliament published a report calling Hungary an "electoral autocracy", which Orban blasted as a "joke".
"I find it funny," Orbán said during a visit to Belgrade, Serbia's capital. "It’s the third or fourth time they’ve passed a resolution condemning Hungary in the European Parliament. At first, we thought it was significant. But now we see it as a joke."
Tensions between Budapest and Brussels -- which have been aggravated by Orban's criticism of EU policy towards the Ukraine war -- could come to a head this weekend if the Commission announces a funding cut for Hungary as expected.
Hungary's economy is currently experiencing its highest inflation in nearly 25 years, while its currency recently reached record lows against the euro and dollar.
“When Fidesz came to power, I saw more and more that a very serious organisation was beginning to develop
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