NewsEU Summit to fast-track military aid to Ukraine Amidst Hungarian resistance

EU Summit to fast-track military aid to Ukraine Amidst Hungarian resistance

The European Union threatens to hit the Hungarian economy if Prime Minister Viktor Orban again blocks financial aid for Kiev.
The European Union threatens to hit the Hungarian economy if Prime Minister Viktor Orban again blocks financial aid for Kiev.
Images source: © European People's Party
7:16 AM EST, January 30, 2024

The special EU summit is scheduled to convene in Brussels on Thursday.

Information extracted from the draft conclusions of the EU summit, available to PAP, reveals that the European Council is set to affirm the European Union, along with its member states' determination to persist in providing Ukraine with "timely, predictable, and sustainable military support." This will be facilitated notably through the European Peace Facility and EU military support missions, in addition to the direct bilateral assistance from member states according to Ukraine's requirements.

Additionally, leaders are slated to emphasize once more the importance of accelerating the delivery of ammunition and missiles, chiefly in view of the promise to supply Ukraine with a million units of artillery ammunition. The EU summit is also expected to call on member states to hurry the placement of necessary ammunition orders.

In the interim, the European Union is warning of potential negative impacts on Hungary's economy if Prime Minister Viktor Orban obstructs financial aid for Kyiv at the forthcoming summit, as stated by the British daily, "Financial Times".

Brussels Reacts to Orban's Rebellion

The strategy of Brussels, as mentioned in a document authored by EU officials and quoted by the newspaper, is to "erode the Hungarian currency and induce a loss of investor confidence" in an effort to negatively affect employment and economic growth.

The document highlights several economic vulnerabilities of Hungary, such as a significantly high public deficit, excessive inflation, feeble currency, and the most substantial level of debt service payments relative to the GDP within the EU.

The paper also underscores the dependency of job growth and economic development on EU funding.

Related content