The London-based business daily described the shift as a significant relief for the European Union, saying the EU had struggled to prevent democratic and rule-of-law backsliding in its member states.

At the same time, the developments in Hungary represent a setback for nationalist conservative forces worldwide, who had drawn inspiration from former Prime Minister Viktor Orban’s prolonged exercise of power, it said.

Anita Orban, incumbent deputy prime minister and foreign minister and no relation to the former PM, told the Financial Times she hoped Hungary would become a leader in renewing Western democracy.

She added that Hungary was returning to a foreign policy that prioritised national interests, but "within the European family" while reducing its dependence on foreign powers.

The Financial Times said that one of Prime Minister Peter Magyar’s primary objectives was to dismantle the corruption that had become a "hallmark" of the Orban regime.

The paper cited Istvan Janos Toth, director of the Budapest-based Corruption Research Centre, whose estimate suggests that 13 individuals linked to Orban were awarded EU-funded contracts and no-bid contracts worth 19.3 billion euros between 2011 and 2023.

Assuming 20-40 percent of the value of these contracts was siphoned off, Toth estimated that EU taxpayers effectively subsidised Orban’s regime to the tune of 3.2-5.5 billion.

The newspaper attributed Magyar’s landslide election victory at the April 12 election to public anger over corruption, declining living standards and deteriorating public services.

The Financial Times noted that many Hungarians are demanding accountability from Orban and his former senior officials for abuse of office.

A former high-ranking Fidesz official, speaking anonymously, told the paper that "society wants blood", adding, at the same time, that that carried risks.

If the new government pursues Orban too aggressively, the former prime minister could adopt the role of a martyr and refuse to back down, the official said.

To access the full article, please visit https://www.ft.com/content/8a70ebb7-693d-497a-9b69-559ccbb7eee6

Photo: Financial Times

Source: MTI – Hungary’s national news agency since 1881.

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