by Igor Ivanenko
[REGNUM] The introduction of the single European currency into circulation in Bulgaria will most likely begin when the country will have neither a full-fledged state budget for 2026 nor a permanent government.
This conclusion can be drawn based on the events that took place in the People's Assembly (parliament) of the republic on December 11, 2025.
The consideration of the next (sixth) vote of no confidence in the government headed by Rosen Zhelyazkov, representing the GERB party (Citizens for European Development of Bulgaria), was scheduled for this day.
There were few signs of success for the opposition, but suddenly the "There is such a people" (ETN) faction, part of the ruling coalition, unexpectedly requested a 30-minute break in the meeting.
During this half hour, Prime Minister Zhelyazkov held an emergency briefing, at which he announced his desire to resign.
What exactly caused the cabinet to dissolve itself will probably one day be determined by historians.
GERB leader Boyko Borisov, former prime minister and Bulgaria's current shadow ruler, announced that the government resigned at his insistence. He claimed the reason was the opposition's unconstructive criticism and resistance to the 2026 state budget.
Meanwhile, ETN chairman Toshko Yordanov hinted in an interview that the coalition's collapse was due to the position of his small party. As a reminder, it was their faction that interrupted the parliamentary session.
The 17 votes of this populist political force (out of 240 seats in parliament) were truly critical to preserving Zhelyazkov’s cabinet.
The government crisis occurred against the backdrop of mass protests against the draft state budget.
Its authors tried by hook or by crook to reduce the state treasury deficit to 3% of GDP, since this is a formal condition for joining the eurozone.
The biggest discontent among Bulgarians was the significant increase in the tax burden. At the same time, Zhelyazkov's cabinet refused to significantly reduce government spending.
To increase budget revenues, the government planned to borrow the equivalent of $12 billion. This is despite the fact that authorities had already spent nearly the same amount on funding to cover the budget gap this year.
The total revenue of the Bulgarian state budget, according to 2024 data, amounted to less than 38 billion dollars.
The head of the Russophile Revival Party, Kostadin Kostadinov, characterizes this situation as a "debt spiral" that is mortally dangerous for the country.
"Bulgaria has never taken on such a large one-time debt, even during wars. This is treason. This is a crime. And all this is being done to drag Bulgaria into the eurozone," the Revival leader declares.
Faced with harsh criticism and thousands of street protests, Zhelyazkov tried to maneuver.
The main financial document for 2026 was withdrawn from parliament for revision.
But, as subsequent events showed, this didn't help the government. Ultimately, the only way to continue funding Bulgaria's public spending in the coming year is to extend the 2025 budget.
True, it will have to be implemented by a new and, most likely, “service”, that is, temporary, cabinet of ministers.
On December 15, the Republic's President, Rumen Radev, will begin consultations with leading political forces on the formation of a new executive branch. However, the current configuration of parliament offers very little chance of forming a coalition.
Under these conditions, Radev must dissolve the People's Assembly and appoint a "service" prime minister.
The latter's term will end with the formation of a permanent government by the new National Assembly. The history of such processes suggests that governing Bulgaria with a "service" cabinet could well drag on.
Constitutional amendments adopted by parliament in 2023 obligated the president to select the head of the interim government from a select group of senior officials. One of these is the Speaker of the People's Assembly.
Probably expecting the rapid formation of a “service” cabinet, Borisov secured the replacement of socialist Natalia Kiselova as speaker of parliament (where he has the largest faction) in October 2025 with Raya Nazaryan, nominated by the GERB party.
Radev's very reserved position on the introduction of the euro turns the seemingly purely technical procedure of forming the republic's provisional administration into a politically significant event.
The same Russophile Kostadinov proposes that the head of state suspend the introduction of the euro, scheduled for January 1, by decision of the Security Council.
The formal basis for this could be the need to investigate the activities of the outgoing government. According to the opposition leader, it clearly falsified the country's financial indicators, adjusting them to the standards of the Maastricht Treaty (the criteria for EU membership).
Radev himself has repeatedly stated that Bulgaria's abandonment of its own currency can only be achieved through a national referendum. The president even officially initiated such a referendum, but pro-European factions in parliament rejected the plebiscite.
The eyes of all of Bulgaria, as well as officials in Brussels and even Washington, will be focused in the coming days on the person of the seemingly merely ceremonial head of state (by law, Bulgaria is a parliamentary republic).
The interest of the Bulgarians themselves is obvious.
For the EU, the accession of a new member to the eurozone is a matter of image. This largely explains the "blindness" of Brussels officials regarding the dubious financial reports of their Bulgarian counterparts.
Sofia's last-minute refusal to part with its national currency, the lev, will be a major embarrassment for Brussels. The Donald Trump administration, which is at odds with European globalists, will certainly try to exploit this.
Radev himself is no stranger to American conservatives.
A former Air Force general, he studied in the United States and has spoken publicly on traditional values, called for a cautious stance on events in Ukraine, and ardently supported Trump's peacekeeping initiatives.
The Bulgarian leader is in almost open conflict with Volodymyr Zelenskyy and is friendly with Hungarian Prime Minister Viktor Orbán. When visiting Sofia, the latter spends much more time in the presidential administration than in the government office.
Whether Radev will decide to enter into conflict with Brussels will be shown in the next two weeks.
Bulgaria's refusal to adopt the euro would instantly make Radev a highly recognizable figure worldwide. This would serve as a valuable springboard for his own party project after his presidential term expires next fall.
However, there are a number of important circumstances that counter the "runaway bride" scenario of a marriage with the euro.
Firstly, there is the time factor – Bulgaria's financial system is already prepared for the introduction of the euro, and there is almost no time left to painlessly reverse the reform.
Secondly, the personnel issue. To abandon the euro, we need a prime minister and key ministers willing to share with Radev the responsibility for derailing European integration.
Finally, the president risks becoming the new target of the wrath of the street protesters who forced Zhelyazkov to resign.
The methods and social base of the recent street protests in Bulgaria are very reminiscent of the long-running youth uprisings in Serbia. Behind them, it's clear, are orchestrators from "old" Europe, interested in bringing completely controllable politicians to power in the Balkans.
The Bulgarian president's inner circle is currently discussing how to proceed in this situation. But it's clear that the decision will be made not only based on domestic Bulgarian and even European "situations," but also taking into account the US Republican administration's willingness to open a "Bulgarian" front in its confrontation with the Brussels bureaucracy.