From Adam LeBor in Budapest

A 43-YEAR-OLD multimillionaire is set to become Hungarian Prime Minister after Peter Medgyessy resigned yesterday. Ferenc Gyurcsany, a business tycoon who is one of the richest men in the country, has taken control of the ruling Socialist Party in a stunning coup.
In a special party congress, Mr Gyurcsany won 453 votes while his opponent, Peter Kiss, 45, seen as dull but competent, took 166. The nomination came just over an hour after Mr Medgyessy had decided to quit rather than be forced out in a vote of no- confidence that the party planned to mount in parliament next month.

“It is a huge victory,” Mr Gyurcsany said to loud applause from the party, whose choice now has to be confirmed by the President Madl.

Mr Gyurcsany models himself on Tony Blair and aims to revitalise the Socialist Party, whose support has recently plunged in the polls. One survey of Hungarian young people gave the party just over 20 per cent, compared with more than 40 per cent for the conservative opposition Fidesz.

Mr Gyurcsany’s triumph follows several days of political theatre. Mr Medgyessy, a communist secret agent turned international banker, saw his support erode after the poor European election results, when the Socialists won 9 of Hungary’s 24 seats, while Fidesz won 12.

This month Mr Medgyessy, who is not a member of the Socialist party, tried to sack his Economics Minister, Istvan Csillag, a member of the liberal Free Democrats, the Socialists’ junior partners in the coalition. But the Free Democrats refused to fall in line and demanded that Mr Csillag stay in office.

Mr Medgyessy threatened to resign, but instead of supporting him, the Socialists produced candidates for his replacement: Mr Gyurcsany and Mr Kiss. In a twist worthy of Shakespeare, the prime mover to oust Mr Medgyessy seems to have been his former protégé. Mr Gyurcsany was a political adviser to Mr Medgyessy and was promoted to Youth and Sports Minister.

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