Bulgaria's Socialist Party picked former deputy finance minister Georgi Kadiev to lead their ticket for municipal councillors in the upcoming local vote in October.

"I believe I was chosen because people need to see highly qualified financial experts on the ticket of the Socialist party," Kadiev commented.

The 41-year-old, Moscow-educated financier was among the Socialists' favourites for Sofia mayor runner. After a secret ballot, however, the party city organization elected his rival, former intelligence chief Brigo Asparuhov, by a slim margin of two votes.

Georgi Kadiev served as Bulgaria's Deputy Finance Minister until June this year when he handed his resignation over disagreements with Finance Minister Plamen Oresharski.

This was the second time in 2007 when Kadiev expressed his wish to withdraw from the post. He was in charge of the Customs Agency and the National Revenues Agency.

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