PM Gyurcsany offers to resign in Hungary

BUDAPEST, Hungary, March 21 (UPI) -- Hungarian Prime Minister Ferenc Gyurcsany said Saturday he is prepared to resign and allow his Socialist Party to nominate his successor.

Speaking to a party congress Saturday, Gyurcsany said he would leave his position if it would help Hungary deal with the country's economic problems, The Wall Street Journal reported.

"If I'm the obstacle to change then I'll eliminate this obstacle," Gyurcsany said. "I have been mistaken regarding our power and our possibilities. In moments of great importance I've failed to speak up clearly; my credibility has therefore been seriously damaged."

Progressive Institute analyst Kornelia Magyar told the Journal while the Socialist Party may attempt to impose a caretaker government prior to the 2010 elections, the political group will likely not find a suitable replacement for Gyurcsany.

"The Socialists are probably not going to be able to find a new prime minister," Magyar said.