Bulgaria’s president appealed on Wednesday to political parties to hammer out a coalition deal after an inconclusive election at the weekend left the European Union’s poorest country with no clear candidate to form a government. New elections would mean destabilization and would scare away investors, President Rosen Plevneliev told reporters. Bulgaria, plagued by poverty, corruption and organized crime, has been in a state of political paralysis since nationwide protests forced the previous leadership from power, and it risks drifting further until a new government is formed. A working government is needed urgently to negotiate EU funds for the next seven years, draft the 2014 budget and try to address popular anger over poor living conditions and high power prices that sparked the protests earlier this year. Plevneliev will hold talks on May 17 with party leaders before asking former premier Boyko Borissov to form a new cabinet after his GERB party won early elections last Sunday. GERB took 30.5%, while the Socialist Party garnered 26.6%, according to preliminary results. The Central Electoral Commission releases final results May 16.
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