FX mortgages in Hungary: political crisis and capitalist reconstruction

Agnes Gagyi

City, 2023, vol. 27, issue 3-4, 599-617

Abstract: This paper deals with the politics of the boom, crisis and aftermath of foreign currency-denominated (FX) lending in Hungary from the 2000s to the 2010s, focusing on the most problematic CHF loans. Here, the rolling out of FX mortgages was part of the late stage and crisis of Hungary’s neoliberal postsocialist model, and the politicization of the ensuing FX crisis became part of the conservative reorganization of the economy by the post-2010 Fidesz regime. Debtors’ movements formulated their grievances in the vocabulary of popular right wing anti-neoliberal movements of the late neoliberal regime. In the first stage of post-2010 Fidesz governance, they were embraced by conservative political propaganda, yet later repressed politically. Showing how links between debtors’ advocacy and conservative politics changed across time according to the progress of economic reconfiguration, the paper argues for specific attention to the strategic field of localized housing finance politics, beyond the abstract conflict between financial interests and housing needs.

Date: 2023
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DOI: 10.1080/13604813.2023.2230770

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