Mr Szeles reckoned that Russia would buy plenty of buses if only it had some money.

ECONOMIST: Falling to earth

Mr Szeles was given control of the management of the factory in 1997, a year before he bought it.

ECONOMIST: Falling to earth

Mr Szeles was hailed as a hero, and allowed to buy a controlling stake in the company he seemed to have rescued.

ECONOMIST: Falling to earth

And when the state did eventually sell control early last year, western companies were scorned in favour of a well-connected local businessman, Gabor Szeles.

ECONOMIST: Falling to earth

Mr Szeles announced at the end of December that Ikarus would have to declare bankruptcy, which it will do unless it finds some outside investors.

ECONOMIST: Falling to earth