"The EU Has Shot Itself In The Lungs"

Hungary is a full member of the European Union - with full access to pre-release economic data; the inside workings of policy decisions, and their effects. The Hungarian Prime Minister, Viktor Orban, has spoken out against the sanctions slapped on Russia by the US, UK and other countries; saying that the sanctions have backfired:

"Initially, I thought we had only shot ourselves in the foot, but now, it is clear that the European economy has shot itself in the lungs, and it is gasping for air." - Viktor Orban

His comments come against the backdrop of a week of dire economic news from the Eurozone. In a sign of worse things to come, the Euro has sunk to its weakest level in 20 years against the US Dollar.

The economic outlook is also significantly dark for the UK as indicated by a raft of similarly weak economic data over the past several months. And despite Brexit, the EU remains the UK's biggest trading partner; and since the UK and EU economic trends often move in tandem, the Hungarian Prime Minister's words could be applied to the UK as well.

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None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.