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2 Top Stories
6 The Regions This Week 8 Chart
9 Central Europe
11 Southeast Europe 13 Eastern Europe 15 Eurasia
17 Opinion
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September 14, 2018 www.intellinews.com
European Parliament condemns Hungary for violating EU values
bne IntelliNews
Hungarian Prime Minister Viktor Orban suffered a major blow at the European Parliament, which voted on September 12 to launch an Article 7 procedure against Hungary for undermining
EU values. MEPs voted 448 in favour and 197 against, with 48 abstentions in Strasbourg on the report that required a two-thirds majority to pass.
Turkish central bank hikes 625bp after political theatre from Erdogan
Will Conroy in Prague
Turkey’s President Recep Tayyip Erdogan and the central bank sent markets on a rollercoaster ride early on September 13 before the regulator announced a major interest hike of 625
basis points amid the country’s currency crisis.
Hungary's prime minister was drilled for undermining EU values at the European Parliament debate.
The report authored by Green MEP Judith Sargen- tini says there is a "clear risk" of a serious breach by Hungary of the values of the European Union and calls for the Article 7 procedure, which ulti- mately suspends a member state's voting rights, to be opened. This is the first time the EP has ini-
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Erdogan waved his big stick at the markets and the Turkish central bank before the rate-setters presented investors with a chunky carrot.
The increase — which can actually be seen as 475 bp as the central bank has lately been using the top-band 19.25% of its interest rate corridor as its effective cost of funding — took the benchmark
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