Ivan Kostov, United Democratic Forces leader and Prime Minister described the election results as `a heavy election loss, ` for the UtdDF, which ran the country in the past four years. He was quoted by BTA, the Bulgarian Press Agency. `I know what I am expected to do, and I will do it at the right place and the right time,` said Kostov taking up a question on possible changes in the Union of Democratic Forces (UDF) leadership. UDF Secretary General Ekaterina Mihailova said that the UtdDF is wiling to hold talks with the Simeon II National Movement, but such talks should be initiated by the SNM. Mihailova added that the UtdDF will not participate in a government which is supported by, or includes, the Bulgarian Socialist Party. `The defeat forces us to make some very serious conclusions. In the coming days we will make a thorough assessment of the results,` said Kostov. He congratulated the SNM with the victory and said that the UtdDF expects the SNM to pick up the baton for Bulgaria`s sake as unpopular measures remain to be taken. According to Kostov, the main reasons for UtdDF`s defeat are that during their four-year term in office their efforts were directed towards the country`s stabilization and a radical reform in the economic structure and the public sphere. `We carried out some unpopular measures, we made many mistakes, and the Bulgarian voters paid a higher price they were not ready to pay,` said Kostov. `The groundwork which we laid can be used as the basis for a future work. The UtdDF, losing confidence, won lots of confidence in Bulgaria,` said Kostov. `We built an international reputation, and good basis for European and Euro-Atlanic orientation.`