Bulgaria's govt. stands down after austerity protests
Wednesday, February 20, 2013 - 00:58
Feb. 20 - Bulgarian Prime Minister Boiko Borisov announced the government's resignation following mass protests over high electricity prices. Simon Hanna reports.
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This is the moment that Bulgaria's government finally succumbed to the mounting pressure against it from mass protests across the nation.
Prime Minister Boiko Borisov addressed parliament on Wednesday and announced the resignation of the government.
The move comes after tens of thousands of Bulgarians rallied in several cities in protests which turned violent.
Many residents are deeply unhappy over high energy costs, power monopolies, low living standards and corruption in the EU's poorest country.
The Prime Minister tried to calm protests by sacking his finance minister, pledging to cut power prices and punishing foreign owned companies - but the measures failed to appease demonstrators.
Borisov can now try to form a new government using his rightist party's strong position in parliament.
If he fails to do so, an election scheduled for July may be brought forward.
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