I read in Hungary's popular daily (Nepszabadsag) that Google has registered an Ltd in Hungary. The company is not yet active.
Management includes David C. Drummond, George Reyes, Nikesh Arora.
Hungary with its 10 million population is a rather small market. Still, it's apparently on the radar.
A couple of months ago I was surprised to receive response from a Hungarian member of the AdWords Support Team. Now after digging a little it turned out that both AdWords and AdSense have been completely translated to Hungarian.
Anybody interested in the (Hungarian) source feel free to PM me.