Thursday, May 23, 2013

Largest Bulgarian party will not try to form government opening the Way for a Technocrat Government

Bulgaria's largest party GERB declined on Thursday to try to form a new government, opening the way for the rival Socialists to put together a technocrat administration and end a political impasse.

The center-right GERB won most seats in a May 12 election in the European Union's poorest country but cannot command a majority, as other parties are shunning it after its resignation during protests against low living standards in February.

"Every day, every hour is important for Bulgaria to have a government, so please allow me to return the mandate now, so that you can continue with your consultations," GERB leader Boiko Borisov told Bulgaria's president.

With every fifth Bulgarian living under the poverty line and unemployment at an eight-year high, the country needs a working government to draft a 2014 budget and negotiate EU funds to 2021 - key to reviving the economy and creating new jobs.