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Born in Budapest, Megdyessy studied theoretical economics at the Karl Marx University (now the Budapest University of Economics). He graduated in 1966, then returned to receive his doctorate. He is fluent in French and Romanian, and knowledgeable in the English and Russian languages.
Between 1966 and 1982, he held various senior positions in departments of the Ministry of Finance. In 1982, he became Deputy Minister of Finance, and in 1987, he became Minister of Finance. His tax system created Hungary's move toward a free market economy.
Between 1988 and 1990, Megdyessy was the Deputy Prime Minister for economic affairs, and between 1990 and 1996, he was CEO and Chairman of various Hungarian banks. After Gyula Horn took over the Hungarian government, Megdyessy returned to his previous position as Minister of Finance, in 1996. After his term ended, he became Chairman of the Board of Directors of the Inter-Europa Bank, and Vice President of Atlasz Insurance Company; he held these positions from 1998 to 2001.
Although he was not a party member, the Hungarian Socialist Party (MSZP) nominated him as their candidate for prime minister. The party won the 2002 elections, and on May 27, 2002, the Hungarian Parliament elected Megdyessy as the Hungarian Prime Minister.
He received the Commander's Cross with a Star of the Order of Merit in 1998, and the highest French decoration, the Knight of Legion d'Honneur in 2000. He is married to Katalin Csaplár, and they have a daughter (born in 1969) and a son (born in 1970).Biography
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