This situation maybe familiar: an over-spending left-of-centre government faces election, the centre-right opposition offers a promise of tax cuts and free market reforms to bring economic growth to a country which is on the verge of bankruptcy.

In Hungary overnight Fidesz have swept the socialists out of office winning 52% of the vote to the ruling party’s 19%.

The Fidesz party logo is an orange smiley face and this morning the smile is very broad…

Guido fact: Back in 1988 Fidesz were a little known rag-tag bunch of idealistic libertarian students under threat of arrest from the communists. The great David Hart, fresh from smashing Scargill’s thugs, channeled support to them from the West. Within a year Hungarian communism fell and Fidesz were in government. Another reason to recognise David Hart with an honour.