< HOME  Sunday, April 23, 2006

Hungary's New Socialist PM calls Phony Tony his Mentor

Is there ANY party not beholden to these creeps??? Just goes to show that you can never judge a political crook by his cover.
Hungary's ruling left wing coalition has won the country's first parliamentary elections since it joined the European Union in 2004. The Hungarian Socialist Party and its liberal ally beat the center right opposition.

* * *

Mr. Gyurcsany told his supporters that his administration would create a more equal society amid concerns over social tensions in Hungary, which joined the European Union two years ago.

* * *

The 44-year old Mr. Gyurcsany, a former Communist who became a self-made millionaire before returning to politics, considers British Prime Minister Tony Blair his political mentor.

Mr. Gyurcsany's left wing coalition has made clear it wants to embrace globalization and free market reforms while fighting for social justice. [ROFL!!!]
He wasn't kidding - he really has learned a lot from Phony Tony!
While Western investors welcome the pro-business rhetoric of the Socialists, there is growing concern over the ballooning budget deficit which stood at around six percent of gross domestic product in 2006.

The deficit is the highest within the European Union and is a threat to Hungary's plans to meet the requirements to introduce the euro currency in 2010.
This must be a typo because according to Economist.com, Hungary's deficit was at 56% of its GDP in 2003. They must have meant SIXTY percent not SIX!

And if they're so concerned about Hungary's debt-to-GDP ratio, then one can only imagine what they're saying about the US, whose deficit in 2003 was over 62% of its GDP.

It can't be good, which means any day now they'll be moving in for the kill.


At Monday, April 24, 2006, Blogger The Hungary Traveler said...

Don't confuse "deficit" and "debt." In Hungary's case, their DEBT is around 60% of GDP. Their deficit is around 6%.

Remember, deficit is the annual amount by which a government outspends its non-borrowed revenue. Debt, meanwhile, is the TOTAL AMOUNT a government owes its creditors (essentially the accumulation of years of defecits).

In the case of nearly all Western nations, debt will be a much larger figure than deficit.

At Monday, April 24, 2006, Blogger qrswave said...

Ok. Makes sense. But, does that change the analysis? I think not.

It's clear that if they're concerned about Hungary's financial position and it's similar to that of the US than the US is also up sh*t's creek.


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