Change At The Top

After an ill-fated cabinet reshuffle ended in the resignation of Prime Minister Medgyessy, the ruling Socialist Party has appointed multi-millionaire businessman Ferenc Gyurcsany as his replacement. BMI View: We believe that the appointment of Gyurcsany will bring the leadership crisis to an end in the short term. In the medium term, domestic political stability will be largely determined by the new prime minister's ability to reconcile the need to introduce necessary spending reform with expectations of a more left-leaning policy agenda.

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