1) a name of an institute situated at the heart of Europe in Budapest - the capital city of the magical land of Hungary, where at the same time you can live and study one of the most difficult languages, namely Hungarian, to which only certain number of the coolest people from all over the world can go and in which there is a party centre - the so called BOOM BOOM ROOM - permanent and guaranteed source of entertainment.
2) the time spent at the eponymous institute. During this period practically anything can happen to you - you can meet your best friend or the love of your life, or fulfil your bravest dreams, or have your heart totally crushed and devastated; one, however, is for sure - it's an unforgettable once-in-a-lifetime self-changing experience.
3) the people attending the eponymous institute. You can easily recognize them - they are colourful and shiny, they move in large groups, speaking some crazy language - half-English half-Hungarian half-some other world language and they shout "Balassi, Balassi" while travelling by the public transport vehicles (especially late at night); another conspicuous trait of theirs is that they "sleep all day and party all night" and study once in a while.
2) Man, I'll never forget my Balassi!
3) Is there any strike or what? - No, it's just Balassi going out to party.