Bulgaria's Prime Minister Boyko Borisov firmly stated his party won't be part of a caretaker government as he announced the resignation of his cabinet.

"We won't be part of a caretaker governemtn. Power has never been my aim, nor shall I gain anything if people hate us," Borisov said from the parliamentary rostrum on Wedbnesday.

"We already did the best we could to respond to the demands of the protesting people," he added.

Borisov said the threats of turning the massive protests bloody has made him shockingly announce the resignation of his government on Wednesday.

Bulgarian MPs were expected to vote on the resignation of Finance Minister and Deputy Prime Minister Simeon Djankov.

However, Borisov made the shocking announcement that his cabinet is to resign en masse around noon.

"Our power was handed to us by the people, today we are handing it back to them," Borisov said.

"I cannot stand looking at a bloody Eagles' Bridge," he added, referring to the busy intersection in downtown Sofia that became the scene of bloody clashes between police and protesters on Tuesday.

"Every drop of blood is a shame for us," the Prime Minister also declared.

"We did our best over these four years."

The series of mass protests in Sofia and all other major Bulgarian cities was initially triggered by the shockingly high electricity bills in EU's poorest member state. However, many protesters have also demanded the resignation of the center-right GERB government.

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