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Referendum on EU’s Mandatory Migrant Resettlement Scheme

Sep 27, 2016

Hungary will hold a popular referendum on October 2nd, 2016 on the so-called quota package, the plan whereby the European Union could relocate an unlimited number of migrants to the territory of Hungary and other Member States. “Do you want the European Union,” the referendum question asks voters, “to be able to mandate the obligatory resettlement of non-Hungarian citizens into Hungary even without the approval of the National Assembly?”

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Putting Families at the Core: the Family Housing Support Program (CSOK)

Feb 26, 2016

In an effort to support families with children and counter negative demographic trends, the Hungarian government announced the innovative Family Housing Allowance Program, or CSOK, which would offer up to 20 million HUF of assistance per family, specifically toward home ownership. Together with a significant reduction in the value-added tax rate on newly built homes, cutting it from 27 to 5 percent, the program offers considerable financial assistance to young couples to become homeowners.

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How Hungary Eliminated Foreign Exchange Loans and Averted a Crisis

Feb 22, 2016

Parallel to the Greek sovereign debt crisis, another debt crisis has threatened the EU. The Swiss National Bank’s decision in January 2015 to abandon the exchange-rate cap against the euro, sending shock waves through several central European countries. Following the decision, the value of the Swiss franc jumped, trading on average at a rate 20 percent higher against central European currencies. The dramatic increase shook the mortgage markets, touching hundreds of thousands of families in the region.