HUNGARY WILL GRANT CITIZENSHIP TO WEALTHY FOREIGNERS IN RETURN FOR THE INVESTMENTS: DAILY MAIL

ARMENPRESS
31 October, 2012
YEREVAN

YEREVAN, OCTOBER 31, ARMENPRESS. For the sake of regulation of its
intensified financial state Hungary keeps taking unprecedented steps.

In this case even Hungarian-Azerbaijani deal could not save the
Hungarians.

As reports "Armenpress" citing British Daily Mail Hungary is planning
to offer citizenship to any foreigner who buys at least 200,000 of
its government's bonds.

Legislation would grant residency and ultimately a Hungarian
passport... allowing the holder to live and work anywhere in any
country of EU.

The move, backed by the ruling party, is aimed at wealthy investors,
especially from China.

The British review states that Hungary has billions of pounds of
foreign currency. Budapest has asked for help from the EU and the
International Monetary Fund but talks are dragging on and analysts
see only a 50 per cent chance of a deal.

Public debt in Hungary is equivalent to about 80 per cent of its
annual economic output.

British politician Priti Patel emphasized that this is a shocking abuse
of EU membership by the Hungarian Government and highlights one of
many flaws in the EU and in the way it operates. Ian Liddell Grainger
in his turn underlined the following: "It never has been and it never
should be. All you do is undermine your institutions. It is up to them
what they do. But dare I say it is not a very clever way of doing it."



From: Emil Lazarian | Ararat NewsPress