Liberty Square (Szabadsag) is a public space found in the city centre of Budapest which rests upon the site of a former Austrian barracks and prison. These barracks were torn down near the end of the 19th century, giving way to this square called Liberty Square (or Freedom Square).
Here you can find a decent city park, surrounded by large buildings like the US Embassy, the former stock exchange building and the Hungarian National Bank, which is notable for its nice Art Nouveau architectural style.
You can also see the liberation monument dedicated to the Soviets who lost their lives liberating the city during WWII as well as a bronze statue of former US President, Ronald Reagan who is honoured for his role in helping bring and end to Communism, which had grip of the country during the Cold War.
In the end, this is one of many interesting places to visit in Budapest. However, those short on time might not be able to fit Liberty Square into the itinerary. For those staying longer, you might want to pass by this spot in the city centre, just a 4-5 minute walk from the Parliament building.
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