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Hungary’s Prime Minister Says ‘Europe Has Run out of Energy’ Amid Russia’s Gas Standoff – Economics Bitcoin News

Hungary’s Prime Minister Says ‘Europe Has Run out of Energy’ Amid Russia’s Gas Standoff – Economics Bitcoin News

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Europe is suffering and struggling to contain an energy crisis, according to several reports that the eurozone may have to deal with a cold winter that could lead to energy regulation and blackouts. According to a recent study published by the General Confederation of Greek Employees (GSEE), seven out of ten Greeks buy less food to pay for energy and fuel costs. In addition, Hungarian Prime Minister Viktor Orban explained on social media on Saturday that “Europe has run out of energy”.

EU tackles ongoing energy crisis – Hungarian PM blames ‘fundamentalist greens and bureaucrats’ for Europe’s problems

The rise in energy costs has driven Europe into an economic tailwind, and most of the problems are caused by the war between Ukraine and Russia. Russia has suspended its energy for the economic and political union of 27 member countries. Recently, the members of the European Union and the finance ministers of the G7 countries promised to set price ceilings for electricity and crude oil. Meanwhile, Russian President Vladimir Putin explained on Wednesday that Russia will not supply gas, oil, coal and heating oil to the West.

The energy crisis is causing Europe to rethink energy regulation concepts, with reports suggesting that Europe’s gas shortages could last at least until 2025. Furthermore, a recent study by the General Confederation of Greek Employees (GSEE) shows that Greeks are spending less on food due to rising energy costs. 20% of GSEE respondents said they would spend “much less” on staple foods, and 51% said they would spend “less” on staple foods due to rising energy prices.

“After years of austerity measures, the Greek economy and society are facing a new wave of price increases and revaluation of basic goods, and the stagnation of income threatens the purchasing power of many households and social groups,” the survey states. Additionally, 47 percent of GSEE survey respondents told researchers they thought a “difficult winter” was coming. One in five Greek respondents explained that they might not be able to pay the energy bill this winter.

Hungarian Prime Minister Viktor Orban predicted that Europe would emerge from recession amid the region’s hot inflation in mid-July. In a Facebook post published on Saturday, Orban claims that Europe has run out of energy. The prime minister blamed “fundamentalist greens and bureaucrats” for Europe’s energy issues. “If we want to dig to the bottom of the problems, we always end up in the same place: the energy issue,” Orban pointed out. The Hungarian Prime Minister added:

And the situation is that Europe has run out of energy.

Hungary is a member of the European Union, along with Sweden, Portugal, Romania, Slovakia, Slovenia, Spain, Luxembourg, Malta, the Netherlands, Poland, Austria, Belgium, Bulgaria, Croatia, the Republic of Cyprus, the Czech Republic, Denmark, Estonia and Finland, France, Germany, Greece, Ireland, Italy, Latvia and Lithuania. Orban emphasized that even if Europe runs out of energy, Hungary will manage.

“What can Hungary do in this situation? First of all, I want to make it clear that Hungary and the Hungarian government will do what the homeland demands, Orban said. We [won’t] there is a shortage of energy. This is not a prediction, this is a fact. There will be gas and enough electricity in Hungary.

Tags in this story

Bureaucrats, Coal, economics, electricity, energy crisis, energy shortage, energy values, EU, euro, Europe, running out of energy, European energy crisis, European Union, economy, gas, gas shortage, gas shutdown, Greek economy, GSEE , heating oil, OIL, Prices , Russia, Russian President, Ukraine-Russia war, Viktor Orban, Vladimir Putin

What do you think about Europe’s energy crisis and Viktor Orbán’s statements? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director of Bitcoin.com News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols appearing today.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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