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If you want a very short answer, I’d say it’s because their worldview simply doesn’t align with it.
So, several factors are at play here. First, the MSZP (Hungarian Socialist Party) is the successor of the former MSZMP, the communist state party. While the ideology has softened on many points, sometimes even flipped completely, they remain firm on certain issues. The question of monarchy—specifically the form of government—falls into this category. For them, only a republic is acceptable, and specifically the current type. For instance, they would oppose a presidential republic like those in France or the USA.