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He's a brash young millionaire among aging ex-communists, but Hungary's ruling Socialists are hoping Ferenc Gyurcsany, their new Prime Minister-designate, can rebuild the party's tattered image in time for elections in 2006. Gyurcsany, 43, who's moving up from Youth and Sports Minister, made his fortune by buying state enterprises at fire-sale prices in the early 1990s.

In a party vote, he beat an old-guard politician named Peter Kiss by a margin of 40% after Peter Medgyessy, the former PM, officially quit. Although lacking in experience, Gyurcsany is not lacking in confidence. "He believes in himself and he believes he can win, and maybe that will make others believe," a senior party organizer told TIME after the ballot. "He's a risk, but he is the only chance we've got."

Support for the party, perceived by many Hungarians as moribund and rooted in its communist past, is at a low of 20%, compared to 45-50% for the opposition Fidesz party. Said one strategist: "If we don't change our image, we are finished." Still, Gyurcsany's first message has been one of continuity. To soothe markets and investors worried that the political turmoil would derail efforts to rein in Hungary's 5% budget deficit, he has said he will keep the respected Finance Minister, Tibor Draskovics, in his post.

• ANDREW PURVIS
• Hungary's socialists hope a new leader can revive their fortunes