Viktor Orban left the country on the brink of bankruptcy. The domino effect threatens Europe
Peter Magyar's takeover of power caused an avalanche of speculation throughout Europe. From fears that Budapest will stick to its controversial position towards Ukraine, through accusations of Euroscepticism, to absurd theories about attempts to resurrect Austria-Hungary. However, while the public is fascinated by geopolitical fantasies, the reality turns out to be much more mundane. The new leader actually has very limited opportunities to oppose Brussels.
Myths about the new empire and the real position of Budapest
Although some conspiracy theorists see Magyar's victory as the seed of a new regional power, Currently, it has neither real power nor any special motivation to complicate the lives of the main European Union countries. His position requires balancing, not open confrontation, because in the current conditions Hungary cannot afford the luxury of complete political isolation.
Fears about the “resurrection” of Austria-Hungary are more a figment of the imagination than a real strategy. The approach towards Ukraine and the European Union results primarily from internal needs, not from an ideological conflict.
The clock is ticking: Hungary's debt is EUR 125 billion
The real and only serious threat to Hungary and its immediate surroundings does not lie in political ideology, but in the disastrous economic situation. The country's public debt has increased to a staggering 125 billion euros, which means that every resident of Hungary – from a newborn to a retiree – is in debt of approximately PLN 13,000. euro.
Since there is no global economic recovery in sight for now, Hungary's finances are not getting the much-needed wind in its sails. Without external support, the state faces a real risk of bankruptcy, and the room for maneuver is constantly shrinking.
Bankruptcy that could shock the whole of Europe
Over the next two to three months, Peter Magyar will have to face the full brunt of this situation. The question is not only what he can actually do, but also how powerless he is in the face of the inexorable numbers.
The possible bankruptcy of one of the European Union Member States would not only be a local tragedy; it would create a dangerous domino effect that could shake the foundations of the entire Union. While Europe focuses on Magyar's political declarations, the real battle is taking place in the treasury – and its outcome will determine the future not only of Budapest, but of the entire European market.
