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Socialists prepare for makeover

Hungary's governing socialist party MSzP, which suffered a crushing defeat against its chief rival Fidesz in the first round of elections on April 11, will rebrand itself with a new name and logo, and sack its entire leadership in hope of a fresh start, daily Népszabadság reports.

The party will be renamed to Új Baloldal (new left wing) and its leader, Ildikó Lendvai will step down as party head in autumn to make way for a new chairman, probably to its current prime minister candidate Attila Mesterházy, who has a strong support within the party, the paper said.

MSzP stands to lose HUF 250 million a year, half of its current annual state funding in the wake of the party's poor election showing, which may bolster support for former prime minister Ferenc Gyurcsány within the party, Népszabadság predicts. (Népszabadság)