William Penn Life, 2010 (45. évfolyam, 1-12. szám)
2010-10-01 / 10. szám
Magyar Matters Local elections could hold key to reviving Hungary’s economy BUDAPEST — The results of local elections Oct. 3 could hold the key to upgrading Hungary's financial standing among investors and lead to a turnaround of the country's economy, according to a leading source of business and financial news. Pre-election polls were predicting huge wins throughout the country and in Budapest for Prime Minister Viktor Orban's Fidesz party. According to Bloomberg, if those predictions come true, Orbán would secure his unprecedented grip on power and free him from electoral pressures until 2014. "Investors are betting that will give Orbán the freedom to spell out the concrete economic policies and budget cuts they've been waiting for during four months of battles with the European Union and International Monetary Fund that roiled financial markets," Bloomberg reports. The elections come at a time of slight improvement in Hungary's economic outlook. The value of Hungary's currency, the forint, rose slightly more than four percent against the euro during the last three weeks of September, after the Hungarian government agreed to deficit targets sought by the EU. To reach those targets, Orban's government must cut spending and raise revenue by at least $984 million in 2011. The bulk of the spending cuts would most likely be made on municipal expenditures, something the Fidesz-controlled government could not do until securing control of local governments. Still, some investors fear that winning strong support in local elections could be seen by Orbán as a mandate to continue his rhetoric about ending five years of austerity to spur economic growth, Bloomberg reports. Hungary's credit rating remains on life support. Standard & Poor's recently reduced Hungary's rating, leaving it one step away from being reduced to "junk" status for the first time since 1992. Financial analysts say the government must tread very carefully. □ Molnár retires as AHF president, board names new executive director NEW BRUNSWICK, NJ - The American Hungarian Foundation (AHF) announced that Prof. August J. Molnár, the AHF's first and only president for 55 years, retired as of Aug. 31. Prof. Molnár (pictured right) will remain active in the AHF, serving as co-chairman of its Board of Directors, along with Dr. Zsolt Harsanyi. The board decided not to name a new president at this time. The AHF board also named Gergely Hajdu-Nemeth, a 32-year-old selfemployed attorney, to the position of executive director of the Foundation. He will be responsible for overseeing the day-to-day operations of the AHF and its Hungarian Heritage Center. Hajdu-Nemeth is a graduate of Rutgers and Seton Hall University School of Law. While a student at Rutgers, he studied in France and was in Hungary for a year. He has been an active participant and leader in Hungarian Scouting in America. He assumed his duties as AHF executive director on Sept. 1. Prof. Molnár will maintain an office at the AHF's Hungarian Heritage Center, a building which stands part of his legacy as president. It was under his leadership that the AHF purchased and renovated an old needle factory and turned it into a center of Hungarian history, art and culture. Prof. Molnár, a member of Branch 19 New Brunswick, was the subject of a profile published in the August 2010 issue of William Penn Life. □ 12 0 October 2010 ° William Penn Life In Brief □ Hungarian students and young professionals in the Washington, D.C., area are cordially invited to the 29th Semi-annual Hungarian Picnic hosted by the American Hungarian Educators Association. The picnic will be held Saturday, Oct. 16, from 2:00 p.m. to dark at Rock Creek Park next to the Hungarian Embassy. There will be food, music, soccer, volleyball and activities for children. Admission is free but tax-deductible contributions of $5 per person made payable to the AHEA will be accepted. For more information, send your questions via email to hungarianpicnicdc@yahoo.com. □ The producers of Torn from the Flag, a documentary about the 1956 Hungarian Revolution and Freedom Fight, recently released a special “Donor’s Edition” DVD. This special edition includes the film, a 20-page color booklet, a printed list of the 2,000 donors whose money supported the making of the film, a picture and description of the Torn from the Flag etching by award-winning artist Gabor Korányi, and the filmmaker’s notes about the history of the production. Donors can order the special edition for the discounted price of $19.56 (regular price is $26.95). To order, log onto www. shop.tornfromtheflagfilm.com/main.sc. □ The American Embassy in Budapest recently pitched in to help repair some of the damage caused by Hungary's historic June flooding. Volunteers from the embassy joined other Americans and Hungarians from Habitat for Humanity Sept. 25 to rebuild the Symbiosis Autistic Home in Miskolc. The building, which houses 14 people with special needs and provides daily services to another 40, was seriously damaged in the floods. Led by a team of professionals, the volunteers carried out renovation work to help prevent similar damage from any future flooding.
