Bulgarian President to Resign Today

(Patria) - Bulgarian President Rumen Radev announced his resignation, as early parliamentary elections scheduled for spring approach, adding a new element to the political crisis that has been destabilizing the country for five years.

- Tomorrow I will resign from the office of President of the Republic of Bulgaria - Radev (62) stated in his official address yesterday.

Radev stated on Friday that the country will hold early elections after leading parties refused the mandate to form a government, following the previous administration's resignation last month amid widespread protests.

His resignation will further fuel widespread speculation that he will form his own political party.

On Friday, Radev offered the Movement for Rights and Freedoms the last chance to try to form a government, but the party refused the request.

- We are going to elections - Radev said on Friday.

None of Bulgaria's parties or coalitions have enough seats in the fragmented parliament to form a stable majority.

The government of Prime Minister Rosen Zhelyazkov, of the populist GERB party, put its mandate at the disposal last month after weeks of street protests against state corruption and a new budget that would increase some taxes.