Hungary"s finance minister claims EU boycotts strengthen nation

During a recent EU finance minister meeting in Budapest, only six out of 27 ministers attended, including Hungary's finance minister Mihály Varga. Despite the low turnout, Varga claimed that the boycotts had strengthened Hungary's position, asserting that the participation of high-level representatives from international organizations like the IMF and OECD made the meeting a success. He emphasized that the sanctions imposed by Brussels had inadvertently benefited Hungary's presidency of the Council of the EU. Varga also addressed criticisms directed at the IMF regarding its planned visit to Moscow, stating that some countries raised concerns during the meeting. However, he noted that Kristalina Georgieva, the IMF's Managing Director, provided a reasonable explanation for the visit, which aligns with IMF regulations. This response seemed to mitigate some of the criticism from EU finance ministers. The meeting's agenda did not include discussions on the European Commission's proposal to use profits from frozen Russian assets to support a loan to Ukraine, although Varga expressed Hungary's differing opinion on the matter of supplying weapons to Ukraine. The meeting faced challenges, as a separate eurozone finance ministers' gathering was nearly canceled due to the boycotts, highlighting the political tensions within the EU. Overall, Varga's remarks reflect a broader narrative of Hungary's defiance against EU sanctions and its attempts to assert its influence during its presidency, despite facing significant criticism and boycotts from other member states.