EU finance ministers on Tuesday approved a controversial funding freeze on Hungary under the bloc's new deficit rules, but some countries, led by Austria, say it was a bit harsh after Spain obtained concessions. Austria, backed by Britain, Poland and the Czech Republic said the decision to freeze €495 million of EU aid for Hungary's infrastructure projects should be delayed from 1 Januay 2013 until June to give it more time to fix its deficit.
Hungary also over the past year has caused a stink in Brussels over laws back home that curb free press and the independence of the central bank and judiciary.
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...while bankruptcy among businesses are increasing.
The number of bankrupt businesses will slightly rise this year as well, following an all-time high of last year, as reported by Hangary´s GKI Economic Research Co. A particularly strong wave of bankruptcies in trade and in vehicle trade is expected, as well as in agriculture and in collective services. Read more in the report here.