A National Union for New Bulgaria, led by prominent Bulgarian economist, Dimitar Ivanov, was founded Saturday with the goal to take Bulgaria out of the crisis.

The Union will have nominations for both, presidential and local elections, with Dimitrov saying they have received the official support of 10 civil organizations and more are expected to join.

"We propose a national civil project to renew Bulgaria; give its citizens courage and hope in the future and reinstate respect for the country in Europe and the world," the declaration reads.

Ivanov is adamant all political parties from the transition period are "ill" and cannot take the country out of the crisis.

"The ship ruled by the Citizens for European Development of Bulgaria, GERB, party has too many holes and lifejackets will not be enough for everybody. We will propose a program to stop impoverishment, increase revenues, and reduce unemployment," he says.

Professor Dimitar Ivanov is a macro-economist, consultant of a number of international banks, organizations and cabinets. He had specialized in global economy in Paris, Washington DC, and Moscow, and had lectured international business at several British universities and institutes.

From 2002 to 2007, he was economic advisor of Bulgarian President, Georgi Parvanov.

Ivanov is a member of several prestigious international business organizations in the USA and the UK. He has authored a large number of books, articles and international reports. He is also the founder of the civil union "Glas" (Voice).