Ferenc Gyurcsany was formally nominated Monday as Hungary's next prime minister by President Ferenc Madl

Ferenc Gyurcsany was formally nominated Monday as Hungary's next prime minister by President Ferenc Madl. Although Gyurcsany faces a vote in parliament Wednesday to be officially confirmed, analysts say that vote is now a mere formality. Gyurcsany, a millionaire businessmen, emerged as the favorite inside the ruling Socialist Party to replace former prime minister Peter Medgyessy who was dumped after a dispute inside Hungary's coalition government in August. The new government has pledged to work hard to reduce Hungary's spiraling budget deficit, which analysts say could result in a financial crisis if it is not brought under control. Most local analysts are skeptical, however, the already unpopular Socialist Party will have the political will to make painful reforms. The government admitted earlier in September the 2004 target for a budget deficit of 4.6 percent of gross domestic product would not be met.