Orban Blinks After Decade Fighting Foreign Sway Over Economy
- Hungarian leader avoided borrowing on international markets
- Deficit focus threatens to exacerbate a looming recession
Viktor Orban
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Prime Minister Viktor Orban used the coronavirus crisis to consolidate his power at home, but now he finds himself having to cede some leverage to foreign investors.
His decade-long drive to shield Hungary’s economy from outside influence was derailed, at least temporarily, as the government quadrupled the amount it targets to borrow on international markets to fund its stimulus response. The government sold euro-denominated bonds on Thursday, a day after announcing the plan.