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RADIOACTIVE CLOUD OVER BUDAPEST’S BUDGET

Over the next few years Hungary is to start construction on a $12-billion-dollar (USD) project for new nuclear reactors. This project will be known as Paks II, and is leaving a lot to be questioned about its true final project cost. The EU has warned the country that they are close to breaking fiscal safeguards, however plans to begin the project in 2018 still stand.

The EU currently sets a limit to spending at 3 percent GDP on the budget deficit, and a 60 percent cap on public debt for all EU countries named the Stability and Growth Pact. While Hungary is not as deeply scrutinize; being a member who currently does not use the euro; there are still some concerns.

After some investigations by Hungarian MEP Benedek Jávor, the estimated cost of the final Paks project might even require another 10-billion-dollars of hidden costs. On December 6th it was decided to give the responsibility of oversight directly to the Hungarian state instead of the countries regulatory authority, but due to a special law further details on the projects final plans and costs cannot be given for 2018, 2019 or 2020.

 

 

The gLAWcal Team

Wednesday,11 January 2017

(Source: POLITICO)