Hungary risks losing EU funds, ministers sayBY: Valentina Pop24.01.12 @ 19:34

Abigail WeeAB INTS-II

WHO: EU Finance MinistersWHAT: Warned Hungary that it may lose EU funds if it fails to fix its excessive deficit, a problem since 2004.WHEN: Tuesday (24 January) WHERE: Brussels

•"Hungary cannot face sanctions under the excessive deficit procedure as it is not a member of the euro area. But for beneficiaries of the EU's cohesion fund, such as Hungary, failure to comply with the Council's recommendations can lead to the suspension of cohesion fund commitments," the ministers said in their conclusions on Tuesday.

EU economics commissioner – Olli Rehn

Economics Minister - György Matolcsy

On the label – "Central Bank".Prime Minister Viktor Orbán has passed a law reforming the status of the Hungarian Central Bank, and limiting its independence.

Implications to EU•Apathetic Hungary•Political criticism in EU institutions

including the European Parliament of Orban’s administration.

SOURCES• http://euobserver.com/19/115003• http://

www.presseurop.eu/en/content/cartoon/1375231-ogre-budapest• http://www.theepochtimes.com/n2/world/all-eu-nations-on-debt-cr

isis-watch-list-except-one-37542.html• http://

www.economist.com/blogs/easternapproaches/2011/12/hungary-and-imf