Hungarian PM Says ‘Europe Has Run Out Of Energy’ Amid Russia’s Gas Weakness – Bitcoin News Finance

Europe is suffering and struggling to contain an energy crisis, with several reports saying the eurozone may face a cold winter that could lead to power cuts and blackouts. Recent research published by the General Confederation of Greek Workers (GSEE) shows that seven out of ten Greeks are buying less food to pay for energy and fuel costs. Additionally, Hungarian Prime Minister Viktor Orbán explained in a social media post on Saturday that “Europe has run out of energy.”

EU grapples with ongoing energy crisis — Hungarian PM blames ‘fundamentalist Greens and bureaucrats’ for Europe’s problems

Rising energy costs have pushed Europe into an economic headwind, and most of the problems stem from the Ukraine-Russia war. Russia has choked energy supplies in the economic and political union of 27 member countries. Just recently, European Union members and G7 finance ministers pledged to impose price caps on electricity and crude oil. Meanwhile, Russian President Vladimir Putin explained on Wednesday that Russia will not supply natural gas, oil, coal and heating oil to the West.

The energy crisis is forcing Europe to examine the concepts of energy glut, and reports say that gas shortages in Europe may last until at least 2025. Furthermore, a recent survey published by the General Confederation of Greek Workers (GCE) shows that Greeks are spending less on food due to rising energy costs. 20% of respondents to the GSEE survey said they were spending “a lot less” on food staples and 51% said they spent “less” on food staples due to rising energy prices.

“The Greek economy and society, after years of austerity, are facing a new wave of price increases and revaluation of basic goods, and stagnant incomes threaten the purchasing power of many households and social groups,” notes the research. In addition, 47% of respondents to the GSEE survey told researchers they believed a “difficult winter” was coming. One person in five Greek respondents explained that this winter they may not be able to pay the bill in terms of energy supply.

Hungarian Prime Minister Viktor Orban predicted Europe would face a recession amid the region’s blistering inflation in mid-July. In a Facebook post published on Saturday, Orban insists that Europe has run out of energy. The prime minister blamed “fundamentalist Greens and bureaucrats” for Europe’s energy problems. “If we want to dig deep into the problems, we always end up in the same place: the energy issue,” Orbán observed. The Prime Minister of Hungary added:

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

Hungary is a member of the European Union, together with Sweden, Portugal, Romania, Slovakia, Slovenia, Spain, Luxembourg, Malta, Netherlands, Poland, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland , France, Germany, Greece, Ireland, Italy, Latvia and Lithuania. Orban stressed that despite Europe running out of energy, Hungary will be fine.

“What can Hungary do in this situation? First of all, I would like to make it clear that Hungary and the Hungarian government will do what is required of the homeland,” Orbán said. We [won’t] they lack energy. This is not a prediction, it is a statement of fact. There will be natural gas in Hungary and plenty of electricity.”

Tags in this story

Bureaucrats, Coal, economy, Electricity, Energy crisis, energy shortage, energy values, EU, Euro, Europe, Europe is running out of energy, Europe’s energy crisis, European Union, Finance, Natural gas, natural gas shortage, Standoff, 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 Orban’s statements? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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