Hungary: History

  1. 1918

    After World War I, the Austro-Hungarian Empire broke up. 

  2. 1920

    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. 

  3. 1994

    A government coalition decides to implement free-market policies.

  4. 2004

    Hungary joins the European Union (EU) as part of the 2004 EU enlargement. 

  5. 2008

    The global financial crisis hits Hungary's economy immensely. Economic aid was offered by the International Monetary Fund, EU, and the World Bank. 

  6. 2009

    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. 

  7. 2012

    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. 

  8. 2013

    The European Union releases Hungary from the excessive deficit procedure mechanism as Hungary emerges from recession. 


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