The origin of Bulgaria's present bad economic situation is Minister of Finance Simeon Djankov and he must be dismissed, argued former Bulgarian President Georgi Parvanov.

"I think that if Vice-PM and Minister of Finance Simeon Djankov does not go, then we can expect nothing good for PM Boyko Borisov's cabinet, and for Bulgaria," said Parvanov at a press conference in Dobrich.

The former Bulgarian president (2002-12) was commenting Thursday's dismissal by Borisov of Minister of Economy and Energy Traicho Traikov and Minister of Health Stefan Konstantinov.

"Traikov's firing has confirmed the failure of Borisov's cabinet in the area of energy. But Traikov is sure not the only one to blame," said Parvanov.

"Bulgaria's budget and fiscal policy is totally wrong. The fiscal reserve reserve has been spent and now we are bent on new loans given unclear and probably heftier conditions than the ones we could get two years ago. Minister Djankov is responsible for all of the above," added he.

At the same time, Parvanov stated that the opposition Bulgarian Socialist Party should muster its energy and consolidate to win a decisive victory at general elections, scheduled for 2013.

"We need a majority rule with at least 140 MPs [out of 240], for we will take the reins of the country with a heavily financial and economic legacy from the present government," said Parvanov.

Before becoming Bulgaria's Presdient and serving two 5-year terms, Parvanov chaired the Bulgarian Socialist Party.

He has now announced his intention to challenge current leader and ex-PM Sergey Stanishev for the Socialists' leadership post at a congress upcoming May.

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