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April 23, 2021
BUSINESS

Romania can provide lessons to Hungary

Romania could teach Hungary a lesson or two as regards the running of the agreement with the European Union and the International Monetary Fund, which may irk the Hungarians, who have always regarded themselves as superior to their Eastern neighbours, a report by Reuters, quoted by HotNews.ro, reads. Reuters argues that, by meeting the terms of the agreement with international bodies, the Bucharest administration has managed to push the economy back on track. However, according to the same source, the austerity programmes which accompany the loans granted by international bodies will take their toll on the people in the short run and will bring “punishments” for the policymakers implementing them.

As regards Hungary, the above mentioned agency argues that prime-minister Viktor Orban has abandoned a confrontational approach to the international lenders and called for a new agreement, after his country was faced with significant hikes of interest rates. Nevertheless, the EU and the IMF may request that reforms backed by the Fidesz Conservative party be replaced with austerity measures to make up for falling revenue. The Romanian PM Emil Boc embraced this tough line.

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