President Plevneliev calls general election for 5th October


President Rosen Plevneliev announced yesterday that parliament would be dissolved on 6th August and a general election would be held on for 5th October.

The decision comes after a week when the President held talks with all the political parties. Bulgarian Socialist Party (BSP) leader, Sergei Stanishev, indicated several weeks ago that he felt an early election was necessary as pressure on the government mounted after poor European parliamentary election results for the ruling coalition along with a series of no-confidence votes aimed at destabilising the government.

Following the spreading of rumours designed to stabilise Bulgaria’s which resulted in a run on the First Investment Bank on Friday, the President also reassured people in a statement that all Bulgaria’s banks were secure and would be backed by the government.

The statement as published on the Presidential website in Bulgarian is as follows:

“First – the political parties and institutions involved in today’s consultation declare their determination and willingness to provide the necessary resources and implement all necessary measures to ensure banking stability of the country. Money of individuals and companies invested in banking institutions in Bulgaria is secure and guaranteed. Banks will continue to operate in its normal course. Bulgaria is a member of the European Union. The Currency Board is strong and will be retained until the entry of Bulgaria into the Eurozone. BGN 1.95583 will be equal to 1 euro, until Bulgaria shift to euro. We have enough reserves, resources and mechanisms to deal with any attempts to destabilization, and we stand behind any bank subject to attack. Political forces represented in the Bulgarian and the European Parliament put public interest and financial stability as part of national security over political differences and join forces to achieve stability and confidence in the institutions and the economy. We take all necessary measures to support the banking stability. There are ongoing legislative changes to support the banking stability. International markets believe us. It is good we to believe in ourselves. Bulgaria’s banking system is stable, well regulated and capitalized. There is no reason for panic and no reason to succumb to panic. There is no banking crisis in Bulgaria, but there is a crisis of confidence and there is a criminal attack, which have to be overcome, and the guilty – prosecuted to the fullest extent of the law. Political parties condemn strongly the spread of rumors and false statements to financial institutions in Bulgaria. We expect law enforcement bodies to demonstrate decisiveness and at short notice to show results. Urgent action is needed to punish the perpetrators and sponsors of this malicious phenomenon. We urge people to be calm, not to withdraw unnecessary their money from banks, but who wants to do so, can be sure that banks have the resources.

Second – early parliamentary elections for 43rd National Assembly will be held on October 5, 2014.
Third – parliamentary political forces declared that within the 42nd National Assembly it is impossible to form another government.

Fourth – the resignation of Oresharski Cabinet will be consistent with the time required by the Constitution for consultation and the formation of a caretaker government. The 42nd National Assembly will be dissolved on August 6, 2014 by a presidential decree and a caretaker government will be appointed.

Fifth – According to the Bulgarian Constitution, the responsibility for the formation of an interim government rests on the president. Before the formation of the interim government, the president will consult with the political parties represented in the national and the European Parliament.

Sixth – Consultations between the president, parliament, government and political forces ensuring coordination, ensuring continuity and a smooth transition to the next administration will continue.

Ladies and gentlemen, I’m proud of the constructive approach to the dialogue, with the determination and responsibility with which today’s leaders of parliamentary political forces in the Bulgarian and the European Parliament responded to their mission. Once again, allow me to all of you and to all the people to thank them and wish them success. They are different, have different causes – some left, some right, but what they did today was important for Bulgaria. I thank them and wish them success.

Thank you.”

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