POLITICO: Orban seeks Trump’s support ahead of Hungarian elections

Hungarian Prime Minister Viktor Orban is counting on the backing of US President Donald Trump as he faces upcoming parliamentary elections, POLITICO reported.

Following his recent visit to Washington, Orban stated that the United States would provide Hungary with what he described as a “financial shield,” which, he claimed, would help Budapest withstand pressure from the European Union.

According to POLITICO, Orban appeared to allude to a possible suspension of EU funding over alleged rule-of-law violations by his government.

Hungarian media outlets have suggested that Orban and Trump may have discussed a potential currency swap between the central banks of the two countries — an arrangement that, POLITICO noted, could serve as part of a broader “financial rescue package” for Hungary.

However, despite Orban’s remarks about US financial backing, Politico emphasised that there is currently no evidence of any formal agreement between Washington and Budapest. The National Bank of Hungary has no existing currency swap deal with the US Federal Reserve, nor any official backstop mechanism that would enable it to access emergency funding in times of financial distress.

By contrast, Hungary does maintain a swap line with the European Central Bank for transactions in euros and could also turn to the International Monetary Fund for assistance should the ECB be unable or unwilling to intervene.

POLITICO further reported that officials from both the White House and the US Treasury Department have so far declined to comment on the alleged financial arrangements discussed between the two governments.

By Tamilla Hasanova