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Hungarian Banks Warn of Fallout From Putin-Style 'Transparency Bill' on Financial System
- Hungarian banks have warned that the government's 'transparency bill', submitted on May 14 in Budapest, threatens financial stability and targets foreign-funded NGOs and media.
- The bill arises amid concerns over foreign interference and follows a campaign by Prime Minister Viktor Orbán's government to restrict overseas funding, intensifying political control ahead of upcoming elections.
- The law mandates a blacklist of foreign-funded groups deemed threats to sovereignty, allows freezing of funds, imposes severe fines, and escalates administrative and financial monitoring obligations.
- European Commission officials urged that the proposed legislation be removed from consideration and warned they are prepared to respond decisively should it be enacted.
- The bill fuels investor concern, may trigger EU infringement procedures, cause capital flight, and reflects a broader democratic backsliding resisted by civil society and the EU Commission.
67 Articles
67 Articles
Member states are urging the EU Commission to take action if Hungary does not rectify the situation.
Hungarian banks warn of fallout from Putin-style 'transparency bill' on financial system
Hungarian banks have sounded the alarm over the government's controversial Putin-style 'transparency bill', warning that it is already fuelling capital flight and eroding confidence in the domestic financial system.
More European countries are expected to issue a joint statement expressing "deep concern" to Hungary's legislation directed against LGBTQ+ people, according to a project consulted by Reuters for months.
When EU ministers gather to question Hungary, one thing is clear: the Union must dare to put its foot down against countries that trample on democracy.
DECRYPTAGE - Oppose the rule of law and monitored by Brussels, the draft law on transparency aims at asphyxiating the last critical voices.
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Bias Distribution
- 48% of the sources lean Left
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