- / World & News
- / Countries of the World
- / Bulgaria
- / 2014 banking crisis causes fallout oresharski resigns
Bulgaria | 2014 Banking Crisis Causes Fallout, Oresharski Resigns
- Bulgaria Main Page
- Bulgaria's First Non-Communist Government Gains Power
- Former Wrestler and Bodyguard Elected Prime Minister
- Borisov Resigns after Protests Erupt
- 2014 Banking Crisis Causes Fallout, Oresharski Resigns
2014 Banking Crisis Causes Fallout, Oresharski Resigns
In 2014, Bulgaria experienced its worst banking crisis since the 1990s. The crisis came after two years of political instability, months of protests over corruption, stalled economic growth, and damaging floods. In June, Standard & Poor's gave the country a credit rating downgrade to just one notch above junk. Also during the summer of 2014, Bulgaria's fourth largest lender, Corporate Commercial Bank, was shutdown pending a full audit ordered by the central bank.
Just a year after the election, Prime Minister Plamen Oresharski resigned his cabinet in July 2014. Law professor Georgi Bliznashki was named interim prime minster until the next election. A former Socialist party member, Bliznashki was kicked out of the party when he publicly supported an anti-government Sofia University student occupation earlier in 2014.