"Following the meeting, he announced that Hungary had secured a one-year exemption from those measures. I have also made an agreement with the US president on a financial shield, Orban said in a video posted by the Hungarian outlet index.hu on Sunday. Should there be any external attacks against Hungary or its financial system, the Americans gave their word that in such a case, they would defend Hungary's financial stability."
"A White House official said the deal also included contracts worth roughly $600m for Hungary to buy US liquefied natural gas. Orban gave no details of how the shield would work, but claimed it would ensure Hungary would face no financing problems. That Hungary or its currency could be attacked, or that the Hungarian budget could be put in a difficult situation, or that the Hungarian economy could be suffocated from the financing side, this should be forgotten, he said."
"The move comes as Orban faces economic stagnation and strained relations with the European Union, which has frozen billions of euros in funding over what Brussels calls Hungary's democratic backsliding. Critics accuse Orban of using his ties with Washington to sidestep EU pressure and secure new financial lifelines. Orban said on Friday that Hungary also received an exemption from US sanctions on Russian energy after a meeting with Trump."
Hungary secured a one-year exemption from US sanctions on Russian energy following a White House meeting between Viktor Orban and Donald Trump. The United States provided a financial shield guaranteeing defence of Hungary's financial stability against potential external attacks on its economy or financial system. The deal includes contracts worth roughly $600m for Hungary to buy US liquefied natural gas. No operational details were provided about how the shield would function, but officials indicated it would prevent financing problems and protect the forint and budget. Hungary faces economic stagnation and frozen EU funds amid concerns about democratic backsliding. Critics warn that ties with Washington may sidestep EU pressure.
Read at www.aljazeera.com
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