Hungary's secret €1 billion loan from China: A financial lifeline

Big and bad news! Stunning! Is the Hungarian exit next (voluntary or not so voluntary)?

China is making inroads into the EU!

"... Hungary borrowed 1 billion euros this spring. This is the largest loan ever taken by Budapest from three Chinese banks. The loan, provided by the China Development Bank, the Export-Import Bank of China, and the Hungarian branch of the Bank of China, was fully disbursed on April 19 and is to be repaid within three years.

The first to report this information was the Hungarian economic portal "Portfolio”, and it was later confirmed by a government agency. ...
Budapest is still waiting for billions of euros from EU funds. The new Chinese loan constitutes a significant portion of the national debt. ...
With Hungary's record public debt of 148 billion dollars (73.5 percent of GDP) and a budget deficit of 6.7 percent of GDP, Budapest desperately needs cash. ..."

Hungary's secret €1 billion loan from China: A financial lifeline "This spring, Hungary secretly borrowed one billion euros from Chinese banks, as reported by journalists from the "Politico" portal. ... Budapest had not previously disclosed this financial move."

Credits: Orbans «illiberale Demokratie» in der Krise: Ungarn nimmt in China heimlich einen Milliardenkredit auf