EU finance ministers on Tuesday (24 January) warned Hungary it may lose EU funds if it fails to fix its excessive deficit, a problem since 2004.
"Hungary cannot face sanctions under the excessive deficit procedure as it is not a member of the euro area. But for beneficiaries of the EU's cohesion fund, such as Hungary, failure to comply with the Council's recommendations can lead to the suspension of cohesion fund commitments," the ministers said in their conclusions on Tuesday.
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