The Hungarian Socialist Party (Hungarian: Magyar Szocialista Párt), known mostly by its acronym MSZP, is a social-democratic political party in Hungary. It was founded on 7 October 1989 as a post-communist evolution and one of two legal successors of the Hungarian Socialist Workers' Party (MSZMP). Along with its conservative rival Fidesz, MSZP was one of the two most dominant parties in Hungarian politics until 2010; however, the party lost much of its popular support as a result of the Őszöd speech, the consequent 2006 protests, and then the 2008 financial crisis. Following the 2010 election, MSZP became the largest opposition party in parliament, a position it held until 2018 when it was overtaken by the far-right Jobbik.