Protests against Hungarian government cuts continue

This Saturday thousands of demonstrators have gathered along the Danube River as it passes through Budapest to protest one more day against the cuts announced by the government of Hungarian Prime Minister Viktor Orbán.

Participants have cut off traffic on one of the city’s bridges for the fifth consecutive day since the government announced €1.4 billion in austerity measures and tax hikes. It has also implemented cuts in subsidies for gas and electricity supplies for households.

In addition, Hungary depends on Russia for much of its oil and gas consumption, making it one of the European countries most vulnerable to a possible cut in Russian hydrocarbons.

On the currency front, the forint has lost almost 10 percent of its value against the euro since the start of the Russian invasion of Ukraine on February 24.