(Bloomberg) -- Bulgaria is headed for a renewed election as early as July after a third and final attempt to form a government failed.
The Socialists, who finished third in an inconclusive parliamentary election on April 4, on Saturday declined to present a cabinet following two previous attempts to form a government, including one by Prime Minister Boyko Borissov's Gerb party. While Borissov won the most votes in April, he failed to muster support for a fourth term as other parties shunned him amid allegations of graft, which he denies.
Under the constitution, the stalemate obliges President Rumen Radev to dissolve the parliament, appoint an interim administration and set a date for a repeat election.
Read more: Bulgaria Nears Snap Vote as Attempt to Form Cabinet Fails
Bulgaria's political turmoil is deepening as the government prepares to distribute billions of euros in European Union funding to overcome the coronavirus pandemic and gears up for adopting the euro in 2024. Polls suggest Borissov's Gerb and an anti-establishment party led by talk-show host Stanislav Trifonov are running neck-and-neck.
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