EU to freeze millions for Hungary over deficit

Hungary on Wednesday (22 February) was given less than a year to lower its public deficit or have a third of its EU subsidies slashed, amounting to €495 million. It is the first time the EU commission takes such an action.

"This unprecedented step follows the commission's repeated warnings to Hungary urging it to step up its efforts to end the country's excessive government deficit, and its subsequent failure to take appropriate action," the EU executive said in a statement. Hungary has...