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not support it, when Vazrazhdane under agreement with Mitrofanova stands against us, while at the same time the square is full of young people who say ‘I support you’, you understand that the no-confidence vote is not of big significance,” Petkov said prior to the vote in an interview with bTv.
Bulgaria's next government?
President Rumen Radev is now
required give a mandate to Petkov’s Change Continues to try to form a new government. To succeed, Petkov and the party’s co-leader, Finance Minister Assen Vassilev, must persuade at least six or seven more MPs to back them. Even in that case, the ruling coalition would have a fragile majority and, according
to analysts, may not survive more than
a few months.
If Change Continues fails, Radev is obliged to give the second mandate to Gerb, which is the second-largest party in parliament. The party theoretically could get a majority, but would have to enter in coalition with anti-EU and anti-Nato Vazrazhdane, the rather nationalistic and eurosceptic ITN and with the DPS. The latter unofficially supported Gerb during Borissov’s last
government. However, a formal coalition with the party could cost Gerb support as the DPS has become a synonym of corruption and murky deals between politicians and controversial businessmen.
“Looking at potential alternatives to Petkov’s government, one option could be the same three-party coalition
remaining parties in parliament for the third and final mandate. If, as expected, it also fails, Bulgaria would be heading towards a general election this autumn – after the three general elections in 2021. Polls show that most Bulgarians do not want an early election and would prefer a functioning government that could adopt measures supporting households
“Looking at potential alternatives to Petkov’s government, one option could be the same three-party coalition government with
a reshuffled lineup of ministers, particularly in the position of prime minister"
government with a reshuffled lineup of ministers, particularly in the position of prime minister. Such a cabinet could potentially attract support from the populist ITN without it joining the coalition,” Teneo commented.
If the second mandate fails to produce a government, Radev can pick any of the
and business during the economic crisis caused by Russia’s war in Ukraine.
Political instability could also slow the adoption of more than 20 bills needed to unlock additional funding from the EU’s Recovery and Resilience Facility (RRF). Also, it could interrupt efforts to secure natural gas supplies for the winter period.
Turkey on verge of total bankruptcy says Erdogan’s former economy czar
bne IntelIiNews
Turkey is on the verge of total bankruptcy, according to President Recep Tayyip Erdogan’s former economy czar Ali Babacan.
Babacan, now the leader of small opposition party Democracy and Progress (DEVA), attacked the Erdogan administration for its stewardship
of an economy that was by now “crumbling before our eyes” when he spoke at a party meeting in Ankara, the T24 news website reported on June 15.
“Today, I want to say that we are on the verge of bankruptcy as a country and
call on the government to do its duties immediately,” he was quoted as saying.
“I am worried because the default risk of our country, namely the
risk of bankruptcy, has reached an unprecedented level. The future of our children is at stake. We are faced with a matter of economic and financial survival. Turkey's credit rating has dropped to the worst level in history,” Babacan added.
Prior to June 15, when the US Fed brought in its biggest rate hike since 1994, thereby sparking fears for emerging markets exposed to foreign
Ali Babacan at the World Economic Forum annual meeting in Davos in 2008. World Economic Forum
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