Bokros package

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The Bokros package (Hungarian: Bokros-csomag ), named after the then Hungarian Minister of Economic Affairs Lajos Bokros , is a series of austerity measures that the Hungarian Horn cabinet passed on March 12, 1995 . The aim of the catalog of restrictive fiscal policy measures was to prevent the impending national bankruptcy. First, in March 1995, a mechanism for the gradual devaluation of the forint (called the crawling peg ) was introduced in order to cope with the threatening deficit in the trade balance . Social benefits were restricted, general tuition fees were introduced in September 1995, nominal wages in the public sector should now only rise 6–15%, which, under the conditions of the inflation rate of 20%, meant a considerable reduction in real wages . In addition to savings, the privatization process was accelerated.

The Bokros package triggered severe criticism. The package was deeply unpopular with the population. The right-wing or right-wing conservative opposition branded the measures as catastrophic, and there was dissatisfaction and criticism from the left wing of the MSZP and its trade union wing . Three ministers resigned. Nevertheless, Prime Minister Horn was able to get the majority of the socialists behind him.

Although the Bokros package resulted in a significant reduction in real income, the Hungarian economy experienced a new upswing since 1997: from 1997 to 2000 it grew at annual rates of 4.2% to 5.2%.

Individual evidence

  1. ↑ a b Andreas Schmidt-Schweizer: Political History of Hungary from 1985 to 2002: from liberalized one-party rule to democracy in the consolidation phase . Oldenbourg Wissenschaftsverlag, 2007. p. 293.
  2. ↑ Andreas Schmidt-Schweizer: Political history of Hungary from 1985 to 2002: from liberalized one-party rule to democracy in the consolidation phase . Oldenbourg Wissenschaftsverlag, 2007. p. 294.
  3. ↑ Sándor Kurtán, Karin Liebhart , Andreas Pribersky: Hungary . P. 142.
  4. ↑ Peter Matthias Trick: The integration of Hungary in the European economic area: An analysis of the foreign trade entanglements of Hungary . Diplomica Verlag, 2009. p. 8.