Hungary seen on track to unlocking billions of euros in EU funds this year -EU sources

The European Union's executive is on track to unlocking billions of euros in funds for Hungary this year after Prime Minister Viktor Orban bowed to pressure from the bloc over democratic checks and balances, EU sources said.

At stake is up to 14.7 billion euros ($15.3 billion), or nearly 10% of Hungary's estimated 2022 GDP, with approval conditional on Orban continuing to improve the independence of the judiciary and anti-corruption safeguards, the sources said.

They noted a sense of pride at the European Commission for winning what they see as major concessions from Orban now that Hungary's ailing economy has forced the self-styled illiberal crusader to seek an accommodation with the EU.