EU coronavirus funds stalled due to Hungary and Poland's objections, totaling billions of euros in potential assistance.
Hungary and Poland Veto EU's 750 Billion Euro Coronavirus Aid Package
In a surprising turn of events, Hungary and Poland have vetoed the EU's 750 billion euro coronavirus aid package, causing a stir in Brussels. The veto, announced on Monday, is in response to rule of law procedures initiated by the EU Commission.
The European Commission had previously initiated an infringement procedure against Warsaw due to the Polish government's judicial reform, which makes it easier to discipline judges. Similarly, the Hungarian government has been under scrutiny for its rule of law issues.
The reason given for the veto is anger over these rule of law procedures initiated by the EU Commission. No alternative financial planning has been proposed by Hungary or Poland as of Monday's announcement.
Earlier on Monday, a spokesman for the Hungarian government threatened to topple EU budget planning if other EU countries did not change their stance. This threat comes after the heads of state of the 27 EU member states agreed on the aid package in July, following four days and nights of negotiations.
The aid package was designed to help EU countries recover from the economic impact of the coronavirus pandemic. The veto by Hungary and Poland has put this recovery plan in jeopardy.
As of now, the EU Commission has not yet announced a response to the veto. The standoff between Hungary, Poland, and the EU is likely to be a significant challenge for the bloc in the coming weeks.
This is a developing story and more information will be provided as it becomes available. Stay tuned for updates.
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