Hungary’s economic plight, the result of imperfect politics
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document in English
political science
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published 29/09/2008
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SummaryWhile the international community, business leaders and politicians may have known the degree of Hungary’s economic crisis, it wasn’t until mid-September, 2006, with the leaking of MSzP (Hungarian Socialist Party) Prime Minister Ferenc Gyurcsány’s confession of lying “morning, evening and night” about the economy to win the election, that the people of Hungary were brought up to date. The opposition parties, the major one being Fidesz (the Civic Party, formally the Alliance of Young Democrats), backed by thousands of anti-government protestors called for his resignation, an appeal Gyurcsány was quick to dismiss. Instead he dramatically shifted his rhetoric from the rosy and largely fanciful pictures painted during the election towards an apparently determined reformist agenda aimed at fighting the government’s colossal budget deficit (about 10.1% GDP at years’ end). It was probably the first time that Hungarians were hearing their politicians speaking the truth, that the government’s current level of spending is unsustainable and delaying is no longer an option.
Table of Contents
- Introduction.
- Understanding where the current economic problems come from.
- Hungary's imperfect political system.
- The cyclical pattern of Hungarian politics.
- Hungary's twin budget crisis today.
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