Hungary’s Socialist government and the country’s four opposition parties—the Young Democrats, Christian Democrats, Free Democrats and the Democratic Forum—have agreed to hold a special national meeting this coming Saturday in order to tackle the local, ripple effects of a financial crisis that has engulfed western Europe, the United Kingdom and the United States this autumn.

While Hungary’s economy and banking sector is still much more stable than that in the UK and while this East/Central European county has a housing market which is far healthier than in Britain, where home values continue to slide, the more than 14 percent decline experienced by the Budapest Stock Exchange (BSE) last week and the fall in the Hungarian Forint’s value seems to have convinced previously warring parties to work together.

Prime Minister’s Ferenc  Gyurcsany’s Socialist government has decided to withdraw its proposed 2009 budget, nor will it tinker with the current tax laws. Instead, the government will focus on ensuring economic stability and showing to foreign investors that the financial situation is clearly under control.

Saturday’s all-parties meeting will aim to present a united front. Hungarian political leaders will use this meeting as an opportunity to set a date for Hungary’s accession to the euro zone—and thus the adoption of the common European Union currency.

There is also talk that the government will attempt to convince opposition parties to back a plan that would see further public spending cuts, as well as a possible freeze on all wage increases for public sector workers.

Hungary has thus far been spared the worst of the international financial crisis, but one of the main consequences has been the depreciation in the value of the forint against the euro. While this is certainly negative news for Hungarians who took up loans in foreign currency, it is a positive development for those looking to invest in Hungary.