Opposition Wins Hungarian Parliamentary Elections

The opposition Tisza Party has won 138 of the 199 seats in Hungarian parliament, gaining a super majority in Sunday’s general elections to govern the country in the next four years. PM Viktor Orbán conceded defeat Sunday evening.

With 98.93% of the votes counted, Fidesz, which has ruled for 16 years, will have 55 seats and the ‘Our homeland’ movement six seats. Final results are expected at the end of this week after counting votes cast abroad.

In his victory speech before a crowd on the banks of the Danube River, with the illuminated building of Hungarian Parliament in the background, the head of the Tisza Party, Péter Magyar highlighted that “never before in the history of democratic Hungary have so many people voted, and no party has ever received such a strong mandate as Tisza. We thank you for the approximately 3.3 million votes with which you have given us a historic mandate to govern today. You have given us a mandate to build a functioning and humane homeland for all of us, for every Hungarian.” He also called on Hungarians living abroad to move home and work in Hungary in the future.

He added that “the Hungarian people have said ‘no’ to deception, lies, misdirection and betrayal.” He vowed to restore democracy in Hungary that “wants to be a country that is nobody’s vassal, where performance matters, where citizens can count on their government and where everyone is entitled to adequate healthcare and quality education. A country where no one is stigmatized for thinking differently than the majority.”

He also called on outgoing PM Viktor Orbán to work in a caretaker government and not make any important measure that would obstruct the job of the incoming government.

Congratulations to Péter Magyar poured in on Sunday night from EU leaders like the President of the European Commission, the French President, the German Chancellor, the prime ministers of Spain and Italy, among others – as well as the Ukrainian President.

The President of the Republic must convene the inaugural session of the new parliament by May 12, at which time he will propose a candidate for Prime Minister.

As an indication of market reaction to the fall of the current government, the Hungarian currency, the forint (HUF) strengthened in comparison with major currecncies like the euro or the US dollar. At one point on Monday morning, it fell below the HUF 365/EUR exchange rate – the lowest for four years.