This past week, Bulgaria was shocked by the surpise resignation of the Prime Minister, Boiko Borisov.
Bulgaria is a country in southeastern Europe that was under Soviet communist control until 1989, held its first democratic elections in 1990. It was believed at that point that by shaking communist control and embracing democracy, that prosperity was sure to follow. However, that has not been the case thus far.
The average Bulgarian earns $480 dollars in wages per month, making it the poorest country in the EU. The international financial crisis of the past several years has served to send things from bad to worse. The government, which had accumulated massive debt, has begun to institute austerity measures. Taxes have risen, and wages have been frozen. To make matters worse, the country’s major energy producer, Czech Energo (which has a monopoly on energy production in many parts of the country) has raised prices sharply in recent months, to the extent that many people are unable to afford electricity.
This economic turmoil has led to massive popular protests throughout the country over the past several weeks. The country’s finance Simion Djankov resigned on Monday. However, rather than placating the protesters, Djankov’s resignation acted as a symbol that the government realized their policies were faulty, and protests intensified. The government further promised that Czech Energo’s title that allowed them to control the country’s energy production would be suspended.
Ultimately, the prime minister of the country, Boiko Borisov, tendered his resignation of Wednesday, and the Parliamant quickly accepted it. An interim government will be assigned by the country’s president, and the elections scheduled for July are expected to be moved up to April.