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Bulgarian Premier Oresharski Survives No-Confidence Vote

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Oct. 2 (Bloomberg) -- Bulgarian Prime Minister Plamen Oresharski’s minority Cabinet survived a no-confidence vote called by former premier Boyko Borissov’s Gerb party, ending a political standoff exacerbated by four months of protests.

Lawmakers in the poorest European Union country rejected the motion, called over government investment policies, in a 111-86 vote, with 20 abstentions in the 240-seat assembly, Speaker Mihail Mikov said in parliament today. Gerb, which won a May election but was unable to muster support to form a government, thwarted an earlier attempt to hold the vote on Sept. 27 by declining to attend and preventing a quorum.

“The real motive behind this vote was to delegitimize parliament, and it failed,” Socialist leader Sergei Stanishev told lawmakers after the vote. “The people need a constructive opposition, not one driven by total disrespect to all state institutions.”

Oresharski, a former finance minister, came to power on May 29 after anti-austerity protests forced out Borissov and triggered a snap vote. His cabinet, backed by the Socialists and the Movement for Rights and Freedoms, which represents ethnic Turks, survived about four months of street protests against what demonstrators say is a corrupt political system.

Borissov’s Gerb controls 97 seats in parliament and wasn’t able to form a cabinet after the May 12 elections.

The yield on Bulgaria’s euro-denominated bonds maturing in 2017 fell 3 basis points, or 0.03 percentage point, to 2.268 percent at 10:23 p.m. in Sofia today. The cost of insuring the country’s debt against non-payment for five years using credit-default swaps fell two basis points to 113.

To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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