Anti-corruption campaigners, bankers and opposition politicians in Hungary warn the government of Viktor Orban has shifted to a form of “crony capitalism” that resembles models found farther east in ex-Soviet republics.

Critics say Hungary’s economic structure is becoming a miniature version of Vladimir Putin’s Russia. The only difference is that Hungary has built this system within the EU — in part, using EU funds.

As reported by the Financial Times, much of the new Fidesz-linked business...

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