Bulgaria. 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.
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
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.
The USSR and the Red Army invaded Bulgaria, while the
resistance movement called for rebellion. General Kyril
Stanchev's troops entered the capital on September 8, and
the Patriotic Front formed government under the leadership
of Republican Kimon Georgiev.
Sofia signed a peace treaty with the Allies in October
1944. The Bulgarian forces under Soviet leadership
contributed to the victory of the German troops in Hungary,
Yugoslavia and Austria. During 1945, 2,680 death sentences
and 6,870 prison sentences were issued during the war crimes
Communist leader Giorgi Dimitrov returned in March 1945
after spending several years in the Comintern leadership. A
few months later, a crisis broke out and imminent elections
In the September 1946 referendum, 92% of the population
voted for the formation of the Bulgarian Republic. In the
October elections, the Patriotic Front obtained 364 seats in
parliament, representing 70.8% of the votes cast, while the
Communist Party gained 277. In November, Dimitrov took up
the post of prime minister of the new government.
Britain and the United States recognized in 1947 the
government; The National Assembly ratified the peace
agreement with the Allies; the new constitution came into
force and the Soviet troops left the country at the end of
the year. After going into opposition, some of the former
leaders of the Patriotic Front were arrested and sentenced
to death for conspiracy.
The Bulgarian state, led by the communists, introduced
the Soviet economic and social model. An industrialization
campaign was launched, without distinction of the lack of
raw materials and without the necessary training of the
labor force, while compulsory collectivization was
introduced in agriculture.
Dimitrov resigned in March 1949 and resigned to death the
same year. Vulko Chervenkov succeeded him first as leader of
the government, later as leader of the party. Todor Zhivkov
was appointed First Secretary of the Communist Party in
March 1954 and assumed the post of Prime Minister in 1962.
Among the Warsaw Pact members, Bulgaria was the Soviet
Union's closest partner and in 1968 Bulgarian forces
participated in the Soviet intervention in Czechoslovakia.