Orban unveils secret US agreement aimed at securing Hungary’s finances
Hungarian Prime Minister Viktor Orbán (Photo: Getty Images)
Hungarian Prime Minister Viktor Orbán stated that he received a promise of financial support from US President Donald Trump in case of potential pressure on Hungary’s economy, reports Bloomberg.
According to Orbán, the agreement reportedly covers protection against speculative attacks on the national currency and a possible downgrade of the country’s credit rating. He claims to have received personal guarantees from Trump for economic support in the event of a crisis.
“If Hungary’s financial system comes under an external attack, the Americans gave their word that in such a case they’ll defend Hungary’s financial stability. We solved this with the US,” Orbán said.
However, the White House statement regarding the meeting made no mention of any financial support agreement. US officials also declined to comment on Orbán’s claims.
Thus, whether a real deal exists remains unclear.
Background to the financial crisis concerns
Hungary is seeking US support against the backdrop of the European Union freezing over $20 billion in funding for Budapest due to allegations of corruption and rule-of-law issues. Orbán framed potential assistance from Washington as a way to reduce the country’s dependence on Brussels.
Political context
Political opponents in Hungary have suggested that the prime minister’s statement could be part of a pre-election strategy, especially since it came ahead of the parliamentary elections scheduled for April.
At the same time, Orbán’s popularity is declining amid an economic crisis, inflation, and corruption scandals. In some polls, the opposition Tisza Party is already leading Orbán’s ruling Fidesz party by a few percentage points.
Tisza Party leader Péter Magyar has promised that, if elected, he would unfreeze EU funding and revise Orbán’s policies, reducing confrontation with Brussels.
Investors are closely monitoring the situation. Despite Orbán’s warnings of a threat of attack on the economy, the Hungarian forint continues to strengthen and is at its highest level against the euro since May 2024. The central bank’s key interest rate remains the highest in the EU at 6.5%.
Orbán’s visit to the US
Hungarian Prime Minister Viktor Orbán met with US President Donald Trump at the White House on Friday, November 7, to seek a postponement of sanctions.
Following the meeting, media reports claimed that Orbán had secured a one-year exemption from US sanctions.
