Videnov Government

On July 1, 1997, Bulgaria implemented a currency board system, known as the "currency board," in response to a severe economic crisis marked by hyperinflation and widespread social unrest. The crisis was precipitated under the government of the Bulgarian Socialist Party led by Zhan Videnov, which prioritized preserving jobs and maintaining state-owned enterprises, neglecting market reforms.

Former Bulgarian Prime Minister Jean Videnov announced that he is returning to politics, founding a new Left Alternative party, adding that he plans to run in the upcoming early elections with the coalition "For a Clean and Holy Republic", a part of which is the Union of Communists in Bulgaria.