New Anti-Corruption Party Wins
Re-Run Elections in Bulgaria
Opportunities and Risks for Investors After the Second Snap Parliamentary Elections and the Presidential Vote

November 16, 2021
Bulgaria's third general election of 2021 has been won by the newly formed We Continue the Change (PP) party, a new centrist and anti-corruption party led by former ministers Kiril Petkov (pictured) and Assen Vassilev. PP's surprising victory (securing nearly 26% of the vote) is the latest twist in a period of political instability that has gripped the country since the scheduled elections in April and a prior snap election in July, neither of which resulted in a viable governing coalition. Public pressure is now mounting on PP to negotiate a workable coalition with three other parties in the upcoming weeks, however the road to a governing majority is far from certain.

The re-run parliamentary vote was held simultaneously with the first round of the country's Presidential elections in which Rumen Radev, Bulgaria's incumbent independent President, came first with more than 48% against multiple challengers and seems on course for re-election.

Below, Aretera offers further insight into the aftermath of Bulgaria's second snap parliamentary elections, the prospects of political stability and headline implications for international investors.
If you would like to schedule a discussion of this paper, please contact:
Lilyana Zagorcheva, Regional Director, Bulgaria & Balkan Region at