After World War I, the Austro-Hungarian Empire broke up.
The Treaty of Trianon was signed to formally end World War I and part of the treaty awarded more than two-thirds of Hungarian Territories to neighboring countries.
A government coalition decides to implement free-market policies.
Hungary joins the European Union (EU) as part of the 2004 EU enlargement.
The global financial crisis hits Hungary's economy immensely. Economic aid was offered by the International Monetary Fund, EU, and the World Bank.
The economist and Prime Minister of Hungary announces new programs to cut public spending, freeze public wages, and rise taxes in attempt to decrease the budget deficit.
Despite raising the VAT to the highest rate in the EU, the EU's aid to Hungary was suspended due to its large budget deficit.
The European Union releases Hungary from the excessive deficit procedure mechanism as Hungary emerges from recession.