Bulgaria election winner to form minority government

The centre-right GERB party will partner a group of five tiny pro-market parties, paving the way for former bodyguard Boiko Borisov to become prime minister again

Bulgaria election winner to form minority government

World Bulletin/News Desk

The winner of Bulgaria's parliamentary election signed an accord on Thursday to form a minority coalition government after a month of talks, a welcome breakthrough for a country reeling from a bank crisis and struggling to revive economic growth.

The centre-right GERB party will partner a group of five tiny pro-market parties, paving the way for former bodyguard Boiko Borisov to become prime minister again after he was toppled by street protests in early 2013.

The deal means Bulgaria has avoided the worst case scenario of yet another snap election. Borisov's government will be Bulgaria's fifth in under two years, a bout of instability that has stifled any meaningful attempt to implement reforms and root out corruption in one of Europe's poorest countries.

But the new coalition will rely on two other parties to guarantee its survival in parliament, which could tie its hands on policymaking and casts doubt over its durability.

"We have made enormous efforts. At least 10 times we were on the brink of new elections. We have made serious sacrifices," Borisov said after the signing of the coalition deal, adding that he hoped the new government would have a "long life".

GERB emerged as the largest party after the Oct. 5 election but fell dozens of seats short of a majority, in the most fractured result and the lowest voter turnout Bulgaria has seen since the fall of communism in 1989.

Borisov will present his cabinet to the president later on Thursday. The new government will face a vote of confidence in parliament on Friday, which it is expected to pass.

High on the new government's priorities will be dealing with the fallout from Bulgaria's worst financial crisis since the 1990s, which on Thursday led to the central bank revoking the licence of Corporate Commercial Bank (Corpbank).

Corpbank has been shut since a run on deposits in June and its main owner has been charged with embezzlement. Tipping Corpbank into insolvency will knock about 0.5 percentage points off Bulgaria's economic growth, according to the central bank.

Last Mod: 06 Kasım 2014, 16:44
Add Comment