Bulgarian parliament accepts socialist-led government's resignation

By bne IntelliNews July 24, 2014

Bulgaria's parliament voted on Thursday (July 24) to accept the resignation of the socialist-led government of PM Plamen Oresharski, paving the way for a caretaker cabinet to assume office in August.

The approval of Oresharski's resignation was largely a formality as Bulgaria's main political parties had already agreed to hold snap elections in early October. Lawmakers voted 180 to eight, with eight abstentions, to oust the government.

Oresharski came into power in June 2013 after street protests over high electricity bills toppled the cabinet of centre-right CEDB and led to snap polls.

The outgoing government's time in office was also marred by protests, sparked by corruption allegations. Its fate was sealed after the poor performance of the senior ruling coalition partner, socialist BSP, in May's European Parliament elections, which gave its junior partner, MRF, the leverage to ask for more power. However, BSP refused to give in to MRF's demands and instead embraced the early elections option.

The front-runner to be Bulgaria's next prime minister is CEDB leader Boyko Borissov. CEDB won the May 25 European Parliament elections with 30.4% of the votes, while BSP placed a distant second with 18.9% and MRF was third with 17.3%.

Opinion polls suggest that CEDB will emerge as the largest party in Bulgaria's new parliament but will lack the votes to win an outright majority. There is speculation that if Borissov decides to form a coalition government in order to enjoy bigger political stability, he would prefer to partner with MRF.

Experts predict that the October snap polls will yield a fragmented parliament, with up to 6 parties entering the 240-seat assembly. Some political analysts give MRF the second place, leaving third the ailing BSP. Other parties that are expected to pass the 4% threshold are the rightist Reformist Bloc, leftist ABV, and the recently established populist Bulgaria without Censorship, which has been hit by internal scandals this week.

The deficits in the energy and the healthcare sectors, Bulgaria's stance on the South Stream natural gas pipeline, the construction of another nuclear power unit, and the crisis at Corporate Commercial Bank will be among the key items on the new government's agenda.

Related Articles

EU asks CEE to comment on Russian gas promises

The European Commission has invited comments from Central & Eastern European states on proposals put forward by Russian gas giant Gazprom to meet competition concerns. Visegrad and the Baltic ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

New Bulgarian government reports irregularities in defence contracts

A check on public procurement under Bulgaria’s previous centre-right government has revealed dozens of violations in the defence ministry, caretaker Prime Minister Ognyan Gerdzhikov said on ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss