Hungary reiterates it can not back European Union budget in its present form

2 countries veto EU 2021-2027 budget

In a letter to German Chancellor Angela Merkel, European Commission President Ursula von der Leyen and Charles Michel, the President of the European Council, Orban said Hungary would vote against the budget.

Various state members had been working for months to reach a deal and avert the delay in approving the budget as the coronavirus makes a second spike.

However, he said in practice it would be hard because leaders considered them together in July, and there could be several member states which would find it unacceptable that the recovery fund takes effect, while the future of the budget is uncertain.

"Hungary, in fact, is a dedicated follower of the rule of law".

Both countries are under European Union investigation for undermining the independence of courts, media and non-governmental organisations, and with the condition in place they risk losing access to tens of billions of euros.

"The talks should be continued and in the end we will come to an agreement, that's how this usually goes", Orban said.

While the two eastern European countries refuse to support the financial plan with the rule of law condition, others, including the Netherlands and the European Parliament, refuse to accept it without it.

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Critics of Poland and Hungary were equally determined.

As explained by Viktor Orban and Mateusz Morawiecki, Hungary and Poland will be vetoing the EU's budget and coronavirus recovery fund (which require unanimity to be adopted) due to their concerns about the link between access to funding and the rule of law.

While officials expected no immediate solution to the stand-off, diplomats informally discussed various options.

The move by Hungary and Poland threatens to undo months of negotiations that culminated in an announcement in late July that the European Union was unified in raising hundreds of billions of euros to help each other through an historic pandemic-induced economic recession.

The Netherlands has hinted at moving ahead with an intergovernmental treaty that would exclude Warsaw and Budapest. "In our view, tying economic and financial questions to political debates would be a grave mistake, one that would undermine Europe's unity".

"Faced with a period of inter-EU bickering on the budget and a possible delay on the Recovery Fund at a time when the pandemic is raging in the region, the Euro could be vulnerable, " analysts at Rabobank explained.

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