GRAPHICS

Political Economy in Hungary

Apr 14, 2010 | 00:33 GMT

Public sector employees stand in the pouring rain to protest against planned government austerity measures.
More than 10,000 public sector employees protest against planned government austerity measures that include pay cuts and possible layoffs, on Kossuth square of the parliament building in Budapest downtown on November 29, 2008.

(ATTILA KISBENEDEK/AFP/Getty Images)

Hungary's economic turmoil since September 2008 appears to be reflected in the results of the April 11 election, which swept the center-right Fidesz party to a majority in parliament and brought substantial returns for the far-right Jobbik party. Hungary's forint weakened considerably against the euro and the Swiss franc between August 2008 and March 2009, and its substantial amounts of debt denominated in foreign currencies still leave the economy vulnerable. The rise of nationalist sentiment is common in Europe during such periods — a trend confirmed by the victory for Fidesz, which uses nationalist rhetoric as a means of expanding Hungary's influence in the Central European region.