Budapestʼs bid for organizing the Olympic Games carries a "very high risk of corruption", István János Tóth, the director of the Corruption Research Center Budapest, an independent research institute partly funded by the European Union told the Chicago Tribune, according to an article published today.

Tóth said that "with crony capitalism flourishing in Hungary, projects like the Paks nuclear plant expansion or the Olympic bid carry a very high risk of corruption and of distorting market economy and will eventually end up being very costly for Hungarian citizens," the Chicago Tribune reported in an article entitled “Hungaryʼs Orbán chases ‘illusory’ Olympic dream in Budapest bid”. 

Commenting on the government’s plans of benefiting from the organization of the event, Andrew Zimbalist, an economics professor at Smith College, in Northampton, Massachusetts, said that “most of the claimed benefits of hosting are illusory … this creates a very substantial short-run deficit that would have to be made up by long-term gains, such as increased tourism, foreign trade or investment. But research shows that these hoped-for benefits do not materialize”, the Chicago Tribune reported.

The paper names Budapest as being considered a “dark-horse bidder against Paris, Rome and Los Angeles”.

Governing Fidesz deputy faction leader Gergely Gulyás said during a press conference that the Hungarian government is planning to tag the organization of the Olympic Games as a “national issue” and the system of the organization could be included in the Hungarian law.


Companies Make Net Repayments on Credit in April Banking

Companies Make Net Repayments on Credit in April

BCCH Elects Board for Next 2 Years Elections

BCCH Elects Board for Next 2 Years

Wizz Air Participates in USD 50 mln Investment Deals

Wizz Air Participates in USD 50 mln Investment

Tourism Nights Slightly up in April 2023 Tourism

Tourism Nights Slightly up in April 2023


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.