Hungary has had its cohesion fund contributions revoked by the European Union, with a pledge that if Hungary carries out the necessary corrections, the decision will be withdrawn. The country has thus lost €495m in support it had been counting on. In making the decision, EU officials pointed to the fact that Hungary’s annual budget deficit has been over the country’s GDP since 2004. The Hungarian New Agency reports the decision was taken after lengthy discussions, during which diplomatic sources report that Austria, the Czech Republic, Poland and the UK supported Hungary.
