Bulgaria Names Central Banker As Caretaker Prime Minister In EU’s Most Corrupt Member State

by Stefan J. Bos, Worthy News Europe Bureau Chief

SOFIA/BUDAPEST (Worthy News) – Bulgarian President Iliana Yotova has appointed a senior central bank official as interim prime minister in a bid to steady the European Union nation after years of chronic political instability.

Yotova tapped Andrey Gyurov, a former deputy governor of the Bulgarian National Bank, to head a caretaker government tasked with organizing a new parliamentary vote in a country that has held eight elections in five years.

The prolonged political deadlock has eroded public trust in state institutions, created openings for populist and nationalist forces, and fueled concerns about foreign influence, particularly from Russia. During the Soviet era, Bulgaria was sometimes referred to as “Little Russia” because of its close political and economic ties to Moscow.

Bulgaria, a predominantly Eastern Orthodox Christian country of about 6.5 million people, is a member of the European Union and NATO, the Western military alliance. Yet despite its Western alignment, it continues to struggle with governance concerns and repeated government collapses.

RANKED LAST IN EUROPEAN UNION ON CORRUPTION INDEX

According to watchdog Transparency International’s latest Corruption Perceptions Index, Bulgaria ranks last among all European Union member states in perceived public-sector corruption. The country scored 40 out of 100, placing it near the bottom globally and reinforcing long-standing criticism over weak rule-of-law enforcement and alleged oligarchic influence.

Public frustration over corruption, economic pressures, and political fragmentation has triggered waves of protests in recent years, contributing to the resignation of multiple governments and repeated failed coalition negotiations.

Gyurov, 50, holds a bachelor’s degree in economics from Truman State University in the United States and a doctorate from the University of Vienna in Austria. Before joining the central bank in 2023, he served as a lawmaker and parliamentary floor leader for the reformist “We Continue the Change” party.

Yotova said Gyurov is expected to propose members of his cabinet within days. The caretaker administration’s mandate is primarily limited to ensuring electoral stability and continuity of state functions.

WESTERN INTEGRATION AMID FRAGILE POLITICAL LANDSCAPE

Bulgaria’s political instability comes at a sensitive geopolitical moment. The Balkan nation recently adopted the euro, marking a significant step in its European integration, even as domestic divisions remain deep.

Analysts caution that while appointing a technocratic figure may temporarily calm tensions, structural fragmentation in parliament and entrenched political rivalries could persist beyond the upcoming vote.

The developments underscore the continuing challenge facing one of the European Union’s most politically volatile member states: strengthening democratic institutions while confronting corruption concerns, economic reform pressures, and the lingering shadow of historic ties to Moscow.

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