Analysts: Markets to Welcome Bulgaria GERB's Willingness for IMF Program

Business » FINANCE | July 6, 2009, Monday // 17:28
Bulgaria: Analysts: Markets to Welcome Bulgaria GERB's Willingness for IMF Program Bulgaria's GERB, which won an overwhelming victory in the general elections on July 5, said they would seek to start immediate talks with the IMF and not for a precautionary, but for a stand-by agreement. File photo

"Given GERB's willingness for an IMF program, among other things, a strong government led by GERB should be well-received by the markets," Citigroup analysts said in a note to clients, as cited by MarketWatch.

Citigroup analysts called the election results positive.

The opposition party of Sofia mayor Boiko Borisov has won a landslide victory in Bulgaria's parliamentary election on Sunday, as voters angry over corruption and the economic downturn ousted the incumbent Socialist Party, data from the Central Election Commission showed.

Borisov's center-right Citizens for the European Development of Bulgaria party, known as GERB, won 39.7% of the vote, while the Socialists captured only 17.7%.

Despite GERB's strong showing in the election, the party will most likely have to form a coalition government, since it may not be able to garner an outright parliamentary majority.

 

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Tags: IMF, GERB

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