Hungary

In line with Prime Minister Viktor Orban’s anti-EU/IMF rhetoric, the Hungarian government launched an ad campaign in early October stating that it would not yield to the IMF. We have long held that despite his nationalist rhetoric, the importance of EU/IMF structural funds for Hungary means Orban will seek to maintain relations with the supranational body, and while we stick to this view, we expect no let up in the government’s attempts to push the blame for further consolidation onto the shoulders of multilateral lenders, in particular given the falling popularity of the ruling Fidesz party.

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