Another domino falls...

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Hungary's PM to quit amid tumbling popularity

March 21, 2009

(AP:BUDAPEST) Hungarian Prime Minister Ferenc Gyurcsany says he will resign because of his government's low popularity amid a worsening financial crisis.

The leader of the ruling Socialists says he considers himself a hindrance to further economic and social reforms.

He says that he will officially notify parliament of his decision on Monday and called for a new meeting of his party in two weeks to choose a candidate to head a new administration. He was speaking Saturday at his party's congress.

Gyurcsany became the prime minister in 2004 and won re-election in 2006. He has struggled to maintain a parliamentary majority since 2006 amid the deteriorating economic conditions.

Hungary has been badly hit by the global financial crisis and has received a $25.1 billion loan from the International Monetary Fund and other institutions.