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Bulgaria

Yearbook 1996

1996 BulgariaBulgaria. An economic reform program began at the beginning of the year when privatization coupons in 1,063 state-owned companies were sold to citizens. However, the economy in the country became worse during the year, and half of the state's budget was used to pay interest. GDP fell by eight per cent, and inflation amounted to 260 per cent at the end of the year. The currency dropped in value, and the foreign exchange reserve decreased. In November, the financial crisis became acute, and bank customers increasingly took out their savings and bought dollars.

1996 Bulgaria

According to Countryaah.com, the political consequences of the economic crisis were numerous. The November presidential election resulted in the opposition candidate, right-wing politician Petar Stojanov, being elected president. He received just under 60 percent of the vote, while the government candidate, socialist Ivan Marazov, received just over 40 percent.

The country's socialist Prime Minister Zjan Videnov resigned from his post in the days before Christmas, both as head of government and as party leader of the Socialist Party, Bulgarian Sotsialisticheska Partiya, after he was severely criticized for his way of dealing with the economic crisis.

New party leader was appointed 39-year-old historian Georgij Parvanov, who, however, resigned the Prime Minister's post. No new prime minister was appointed before the turn of the year.

King Simeon II returned to his homeland after 50 years. He was overthrown as a nine-year-old by the communist regime in 1946 and forced into exile. Simeon wants to establish constitutional monarchy in Bulgaria, for which there is only 16 percent support for opinion in the country.

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