Bulgaria's Socialist Party Breaks Ranks with Radev, Rejects Euro Referendum

The Bulgarian Socialist Party (BSP), the political faction that initially backed Rumen Radev for president, has now declared its opposition to his proposal for a referendum on Bulgaria's entry into the eurozone. This stance was outlined in a joint position by the BSP Executive Bureau and the Coalition Council of BSP-United Left.

According to the BSP-United Left statement, a decision by the National Assembly to hold a referendum on joining the eurozone or setting specific deadlines would contravene the Constitutional Court’s ruling from February 8, 2024. The party asserts that such an action would be unconstitutional and thus cannot be supported.

The BSP's stance is noteworthy given the coalition's perceived alignment with pro-Russian interests. Currently, BSP is part of the governing coalition alongside GERB and There Is Such a People (TISP), with support from Delyan Peevski’s DPS-New Beginning.

Despite the party’s opposition to the referendum, the BSP statement underscores the importance of addressing public concerns. It calls for the government and parliament to engage in broader public dialogue about Bulgaria's accession to the eurozone. The coalition emphasizes the need for ongoing talks and meetings with citizens to clarify the implications of joining the single European currency.

The party also highlights the support for the euro from various trade unions, employer associations, and civil society groups, pointing to the potential economic benefits for Bulgarian citizens and businesses. They propose initiating accelerated efforts to implement legal measures aimed at safeguarding price stability and protecting incomes, drawing on the experiences of other countries that have adopted the euro.

Meanwhile, GERB leader Boyko Borissov has urged his coalition partners to reject President Radev’s referendum proposal, warning that it could destabilize the ruling majority. Only TISP has expressed potential support for the referendum.

In a related development, DPS-Dogan has yet to issue a definitive stance on the referendum proposal. Speaking to journalists in Haskovo, Dzhevdet Chakarov, the faction’s co-chairman, reiterated DPS’s unwavering pro-European stance, emphasizing their Euro-Atlantic orientation as a matter of longstanding policy. While Chakarov did not categorically reject the referendum initiative, he stated that the party would wait to see the convergence report and the financial framework before making a final decision.

Chakarov also echoed the sentiment that DPS’s commitment to the eurozone dates back 35 years, a position he reaffirmed as a cornerstone of the party’s Euro-Atlantic orientation.

The ongoing debate over the euro referendum has underscored the widening rift between President Radev and key factions in the ruling coalition, as well as the broader political landscape. While some parties frame the referendum as a necessary step to gauge public sentiment, others argue that it risks undermining Bulgaria’s strategic path toward full integration into the European Union’s monetary framework.