The campaign focuses on Soros, 86, a Hungarian Jew who emigrated after World War Two, made a fortune in the United States and has long been heavily involved with groups promoting liberal democratic and open-border values in post-Communist eastern Europe, a cause at odds with Orban's world view.
Billboards around Hungary and full-page ads in media across the central European country depict Soros grinning contentedly against a blue background with the inscription: "Don't let George Soros have the last laugh."
Some Soros billboards have been defaced with the words "stinking Jew" in magic marker. Around 100,000 Jews live in Hungary.
"This campaign, while not openly antisemitic, clearly has the potential to ignite uncontrolled emotions, including antisemitism," the Federation of Hungarian Jewish Congregations (Mazsihisz) said in an emailed statement.
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