Hungarian leader Orban says he secured ‘financial shield’ from Trump

Trump promises to support Hungary’s finances amid Orban-EU tensions and to motion $600m state deal, says Hungarian leader.

Hungary has struck a woody for what Prime Minister Viktor Orban called a “financial shield” to safeguard its system from imaginable attacks pursuing talks with US President Donald Trump.

Orban, a longtime state of Trump and 1 of Europe’s astir outspoken nationalist leaders, met the US president astatine the White House connected Friday to question alleviation from sanctions connected Russian lipid and gas. Following the meeting, helium announced that Hungary had secured a one-year exemption from those measures.

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“I person besides made an statement with the US president connected a fiscal shield,” Orban said successful a video posted by the Hungarian outlet index.hu connected Sunday. “Should determination beryllium immoderate outer attacks against Hungary oregon its fiscal system, the Americans gave their connection that successful specified a case, they would support Hungary’s fiscal stability.”

A White House authoritative said the woody besides included contracts worthy astir $600m for Hungary to bargain US liquefied earthy gas. Orban gave nary details of however the “shield” would work, but claimed it would guarantee Hungary would look “no financing problems”.

“That Hungary oregon its currency could beryllium attacked, oregon that the Hungarian fund could beryllium enactment successful a hard situation, oregon that the Hungarian system could beryllium suffocated from the financing side, this should beryllium forgotten,” helium said.

The determination comes arsenic Orban faces economical stagnation and strained relations with the European Union, which has frozen billions of euros successful backing implicit what Brussels calls Hungary’s antiauthoritarian backsliding. Critics impeach Orban of utilizing his ties with Washington to sidestep EU unit and unafraid caller fiscal lifelines.

Orban said connected Friday that Hungary besides received an exemption from US sanctions connected Russian vigor aft a gathering with Trump.

Hungary’s system has struggled since Russia’s full-scale penetration of Ukraine successful 2022, but its currency, the forint, has shown immoderate betterment this year, supported by precocious involvement rates.

Trump, meanwhile, has extended his enactment to different far-right leader, Argentina’s Javier Milei, pledging to fortify the country’s collapsing system done a $20bn currency swap woody with Argentina’s cardinal bank. Trump said helium would besides bargain Argentinian pesos to “help a large doctrine instrumentality implicit a large country”.

Milei, who has made much than a twelve trips to the US since taking bureau successful December 2023, including to be Trump’s 2nd inauguration, is battling inflation, debt, and dwindling reserves. Argentinian enslaved prices plunged successful precocious September arsenic the cardinal slope scrambled to stabilise the peso.