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EU to Back Funding Cuts for Hungary Due to Orban Graft Concerns
The European Union’s executive arm plans to recommend cutting funding for Prime Minister Viktor Orban’s administration on concerns about widespread graft in Hungary, according to senior EU officials. The European Commission plans to formalize its assessment on Sunday, said the officials, who asked not to be named because the position hasn’t been officially finalized. EU governments will then make the final decision within three months and a qualified majority of member states will be required for the executive’s proposal to take effect. The forint fell as much as 1.1% against the euro. Investors have cited ... (full story)