War Is Not the Only Reason for the Hungarian Forint’s Fall

Fidesz voters will see their energy bills increase while the forint plummets

6 September 2022

Orbán would call for ‘staying out’ of the deepening economic crisis, but Hungary already feels the symptoms and the hangover after the pre-election ‘fiscal alcoholism’.

Hungary, in cooperation with oligarch Lőrinc Mészáros, has in recent weeks used state funds to buy the telecommunication giant Vodafone Hungary for 350 billion forints (approximately 866.6 million euros) — which means Fidesz-allied actors continue to strengthen their positions despite the impending recession — the very same economic downturn that is forcing the government to start implementing austerity measures.

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Hungary is the only country in the EU which still does not have a plan for the recovery funds accepted yet, due to corruption and other objections by the EU. 

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Ádám Kolozsi

Marcin Król Fellow at Visegrad Insight. Journalist and researcher based in Budapest, Hungary and currently working at Telex.hu. His focus usually covers the social sciences, history, politics and international relations.

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