Budapest needs pressure from financial markets

Only the pressure of the financial markets can divert Hungarian Prime Minister Viktor Orbán from his current course, writes the left-liberal daily Der Standard: "No matter how loud the criticism of the new media law gets, neither the EU Commission nor the European partner states have any real means for applying pressure. If they threaten to leave him isolated internationally this would play right into Orbán's hands. Boycotting Hungary's EU presidency would create more problems for the Union than for Hungary. ... However Hungary remains dependent on the good will of the credit markets to finance the highest public debt in Central and Eastern Europe. And its finances are becoming increasingly shaky. No one would wish a financial crisis on his neighbour but a little of the pressure which the Greeks and the Irish have recently felt could be the best means of forcing Orbán - who would no doubt launch a tirade against foreign speculators - to change his course. This would be a blessing for Hungary's long-term outlook."

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