Bulgarian Prime Minister Boyko Borissov submitted his resignation to Parliament after more than a week of anti-government protests sparked street violence in the European Union's poorest country.
Borissov fell victim to anti-austerity movements that have shaken governments from Spain to Greece. His focus [was] on budget cuts, which kept Bulgaria out of turbulent international bond markets, boosted unemployment, cut incomes and angered voters. I did everything in my power to meet the people’s demands yesterday”, Borissov said. “I won’t be part of a government in which the police is fighting with the people. I won’t have blood on the streets.” Bulgaria’s austerity measures contributed to higher unemployment and the bankruptcies of small businesses.
The cost of insuring the country’s debt with credit default swaps increased 7 basis points to 108, headed for the highest close in almost three months. The swaps, which rise as perceptions of creditworthiness worsen, pay the buyer face value in exchange for the underlying securities or the cash equivalent should an issuer fail to adhere to its debt agreements.
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