SNAP ANALYSIS: What centre-right victory means for Bulgaria

SOFIA (Reuters) - Bulgarians, yearning for shelter from the economic crisis and an end to the impunity of corrupt officials, were set to give the center-right opposition GERB party a resounding victory in Sunday's parliamentary elections.

A GERB-led coalition comes to power with Bulgaria's reputation at a low point due to graft and a credit-fueled boom that has turned to bust, problems that have damaged the Balkan state's prospects just two-and-a-half years after joining the European Union.

Exit polls by Sova Harris and Alpha Research suggested GERB would take 115-117 seats in the 240-strong chamber, compared with 39-42 seats for the ruling Socialists.

Here is a look at what the election result means and what may happen:

* GERB, led by straight-talking Sofia mayor Boiko Borisov, will need a governing partner to form a stable government.

* Most likely he will seek a union with a group of rightist parties, known as the Blue Coalition. In the run-up to the election both sides said they were willing to rule together.

* Leaders of the Blue Coalition said after exit polls came out that "they were extending their hand to GERB," while GERB officials said they were awaiting official results before making any partnership decisions.

* Borisov, 50, a former bodyguard-turned-politician, is likely to become prime minister. He shot to fame on promises to clean up the Balkan country's image and put corrupt officials and crime bosses behind bars.

* GERB is expected to launch a long-delayed judicial overhaul, although observers and diplomats say its election program lacks concrete proposals.

* Borisov has said he would order prosecutors to investigate alleged wrongdoing by ministers and senior officials in the outgoing Socialist-led coalition, which was widely accused of incompetence and being too soft on crime.

* This is seen as a vital test of his anti-graft drive, along with his reaction to any future allegations against officials from within his own ranks.

* Showing strong resolve to impose the rule of law and quickly clean up the country's administration will reassure the European Union and should prevent further sanctions. Countries, including the Netherlands, have been pushing for further punishment for Bulgaria after Brussels suspended over half a billion euros ($700 million) in EU aid last year.

* Failing to stop sanctions may mean Bulgaria will become a net contributor to the EU budget.

* Political isolation within the bloc, the criminalization of entire sectors of the economy and a popularity boost for far-right parties preaching euro-skepticism could also follow.

* Jailing oligarchs and suspected crime bosses, some of whom ran in the election to get temporary immunity from prosecution, will be another test for GERB's resolve to sever links between political parties and shadowy corporate interests.

* Western-educated economists and lawyers, who Borisov attracted to GERB to prove his party could offer fresh faces, will take over the economy. Simeon Djankov, a senior economist at the World Bank, is tipped to be the next finance minister.

* The economic team pledges to quickly revise the budget to slash spending and avoid sliding into a financing crisis. It has said it will start immediate talks with the International Monetary Fund for aid to reassure investors.

* An IMF deal could force a GERB-led government to implement unpopular measures such as cuts in public sector salaries, hurting its popularity ratings at a time when unemployment is rising due to the global crisis.

* GERB's economic team has said it will axe some ministries and merge others to reduce the numbers of public servants, raise effectiveness and cut costs.

* Bulgaria's currency peg to the euro could be at risk if the new government fails to slash spending and attract foreign cash. This could increase pressure to devalue the currency. External risks are also at play, particularly if Latvia devalues its own lat peg.