Sweden - Southeast Europe News Site

Sweden - Southeast Europe News Site

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to the news site of the Chamber of Commerce for Sweden - Southeast Europe in cooperation with Business Sweden and Governments and Organisations in SEE.

EU gives Hungary yellow card

HungaryPosted by Chambers of Commerce Sweden - Southeast Europe Wed, March 14, 2012 10:25:14

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.
Read more of this article by EUobserver.com here.

...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.

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