EU executive to recommend suspending funding for Hungary over corruption: sources

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The European Union executive is expected to recommend on Sunday the suspension of part of the funding for Hungary provided for in the bloc’s shared budget for 2021-27, two spokesmen said on Wednesday.

This would be the first time the EU has imposed its new financial sanction intended to help protect democratic principles in the 27-country bloc, in which Poland and Hungary have been accused of undermining the rule of law.

Up to 70% of the 22.5 billion euros in cohesion funds earmarked for Hungary could be affected, a spokesman said, although no one specified the exact amount involved.

The Hungarian forint was slightly lower against the euro on the news, to 405.15 from 403.49.

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