Bulgaria's Socialist Party has abandoned plans to propose a new coalition government after failing to gather a majority in parliament, meaning early elections in the country in the fall.

This was reported by Reuters.

President Rumen Radev will now have to appoint an interim government to run Bulgaria for new elections, most likely in October.

The Socialists took the third and final step in an attempt to form a government after the coalition government of reformist Prime Minister Cyril Petkov was overthrown last month by a vote of no confidence after losing its majority.

"It has become clear that there is no majority willing to fight corruption ... In that case, tomorrow we will return to the president an unfulfilled mandate to form a government," said Georgi Svilenski, a high-ranking member of the Socialist Party.

The Socialists agreed with their partners in the incoming government on a six-month program to fight widespread bribery and proposed measures to help businesses with skyrocketing prices, but failed to win the support of their former ally, the ITN party.

Their attempt to put the program to a vote in parliament was rejected by deputies, clearly demonstrating a lack of majority.

Bulgaria's political crisis began in June, when the populist There is Such a People party withdrew from the four-party governing coalition. The opposition GERB party, led by former Prime Minister Boyko Borisov, initiated a vote of no confidence, and Kirill Petkov's government was dismissed.

The largest party in parliament, Change Continues, tried to form a new government, but failed to gather 121 MPs and decided not to propose a new government.

Recall that after the vote of no confidence in the government, former Prime Minister Kirill Petkov blamed Russia and the powerful mafia of his country.