Bulgarian Premier Oresharski Survives Second No-Confidence Vote

Bulgarian Prime Minister Plamen Oresharski’s minority Cabinet survived the second no-confidence vote in a month called by former Premier Boyko Borissov’s Gerb party over its regional development policy.

Lawmakers in the poorest European Union country rejected the motion in a 118-93 vote, with 20 abstentions in the 240-seat assembly, Speaker Mihail Mikov said in parliament today. Gerb won a May election but was unable to muster support to form a government. Oresharski overcame a similar no-confidence vote over his investment policies on Oct. 2.

“The prime minister and his cabinet are gaining confidence,” Antonyi Galabov, a political analyst at the New Bulgarian University in Sofia, said. “The government looks far more stable now and the risk of causing a political crisis by a no-confidence vote is declining.”

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, has survived about four months of street protests against what demonstrators say is a corrupt political system.

The yield on Bulgaria’s euro-denominated bonds maturing in 2017 fell 4 basis points, or 0.04 percentage point, to 2.191 percent at 2:30 p.m. in Sofia today. The cost of insuring the country’s debt against non-payment for five years using credit-default swaps rose two basis points to 119.

Borissov’s Gerb controls 97 seats in parliament and plans to call a third no-confidence vote over cultural policies tomorrow, Borissov told reporters in Sofia today. Oresharski said his government would focus on trying to raise living standards of poorer Bulgarians.

“Our government will strive to overturn the trend and through its regional policy reduce the vast gap between big cities and remote towns,” Oresharski said in parliament after the vote today.

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