Peter Magyar was sworn in Saturday as Hungary’s prime minister after his Tisza movement swept 141 seats in the national assembly, relegating Viktor Orban’s Fidesz to 52. The 45‑year‑old lawyer promised to “serve” rather than rule, pledging to dismantle the “illiberal democracy” that defined the past 16 years. His inauguration marked the first peaceful transfer of power since the country’s post‑Communist transition, for investors.

Magyar inherits a crippled economy and a treasury that lost more than $12 billion in EU funds scheduled to expire in August. He has vowed to recover the cash, crack down on entrenched corruption and force resignations of Fidesz‑appointed judges, prosecutors and the president, and to restore confidence in the banking sector. Analysts warn that retaining those officials could stall reforms.

Public enthusiasm runs high; a Median poll shows 72 percent view Magyar as fit to lead and two‑thirds believe Hungary is now on the right track. Yet his cabinet is largely inexperienced, and balancing right‑wing security pledges with EU‑friendly reforms will test his coalition’s cohesion. Now early success will hinge on unlocking EU money and stabilising Budapest’s strained finances.