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Hungary reforms hobbled by coalition’
into areas of life that Hungarians are accustomed to seeing as the province of the state.

Markets had already priced in much of the political risk following the March referendum, and the forint fell by less than 1 per cent to Ft259 against the euro over Monday. Bond yields rose more substantially. “The forint is surprisingly strong, partly because the risk premium for forint assets is already priced in and partly because of the national bank’s 50 basis point rate hike [to 8 per cent on Monday],” said Ms Gargyan.

While Mr Gyurcsany faces tougher political times without a parliamentary majority, his government could cling on to power, say analysts. The opposition Fidesz party does not command enough votes on its own to unseat a prime minister, and polls make early elections an unappealing prospect for both coalition parties.

Viktor Orban, the former prime minister who leads Fidesz, said: “Early elections are the only solution.”

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