Economics
How Hungary’s Central Banker Funneled Funds to Friends, Family
- Charities endowed with $1 billion buy villas, art, junkets
- ‘This goes beyond your usual allegation of crony capitalism’
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Gyorgy Matolcsy is rewriting the rules for central banking inside the European Union to include family and friends.
Since being tapped to run the National Bank of Hungary by Prime Minister Viktor Orban three years ago, the former economy czar has funneled the equivalent of almost $1 billion to six foundations he set up over the objections of his supervisory board and to the irritation of EU officials.