Bulgaria’s government resigns following widespread protests just weeks before the country is set to join the eurozone.

Bulgaria’s government resigned on Thursday in a significant political shift following widespread protests that swept across the nation. This decision comes just weeks before Bulgaria is set to adopt the euro as its currency, marking its entry into the eurozone scheduled for January 1.

The resignation of the minority coalition government, led by the center-right GERB party, was announced shortly before parliament was due to vote on a no-confidence motion initiated by opposition parties. The motion accused the government of economic mismanagement and was bolstered by increasing public discontent regarding pervasive corruption. Prime Minister Rosen Zhelyazkov stated that the government opted to resign ahead of the parliamentary vote to align with the expectations of the public.

Protests intensified in recent days, driven by discontent over a proposed budget plan that included higher taxes and increased social security contributions, which were met with backlash from a populace already frustrated with the economic climate. After facing substantial demonstrations, the government eventually abandoned the controversial budget proposal. The protesters expanded their demands, culminating in calls for the government’s departure.

Recent estimates from media sources indicated that more than 100,000 individuals participated in the protests, a notable increase from the prior week, which drew around 50,000. Among the demonstrators were numerous university students, showcasing a broad coalition of voices demanding change. Zhelyazkov recognized the significance of public sentiment, indicating that the government’s decisions should reflect the will of the people.

Central to the protests is the figure of Delyan Peevski, a politician facing sanctions from both the United States and the United Kingdom. Peevski, affiliated with the MRF New Beginning party, has been accused of influencing government policy to favor oligarchic interests, further fueling public anger.

The current government, since its formation in January, successfully survived six previous votes of no confidence. However, the unprecedented turnout during the latest protests marked a pivotal moment that ultimately led to its resignation. The official resignation will be submitted to parliament on Friday, where a resolution will be required for acceptance. Following this procedure, President Rumen Radev will allow the largest parliamentary party to attempt to form a new government. Should this effort fail, the next largest party will be afforded a chance, leading potentially to a caretaker cabinet and further elections.

Political analysts anticipate that upcoming elections may result in a fragmented parliamentary landscape, complicating the formation of a stable government. Assen Vassilev, leader of the opposition We Continue the Change-Democratic Bulgaria coalition, termed the resignation a critical step towards strengthening Bulgaria’s status as a legitimate European state, emphasizing the need for fair and untainted elections in the future.

As Bulgaria prepares to transition from its local currency, the lev, to the euro, it stands at a crossroads, needing to address profound political and economic challenges ahead of its formal entry into the eurozone, which will officially welcome it as its 21st member.