Flanked by a small number of Socialist party officials, among whom Sofia party head Roumen Ovcharov stood out as the only senior figure, outgoing Prime Minister Sergei Stanishev blamed the economic slowdown and heightening ethnic tension for the poor showing of his Socialist party in the July 5 general elections in Bulgaria.

"The fatigue from the current government was seen at the European Parliament elections in June," a straight-faced Stanishev told the post-elections news conference. "Several factors contributed to the dramatic change in public opinion."

The economic slowdown was one of those reasons, Stanishev said, but defended the track record of his cabinet in fighting the effects of the financial crisis. "I have repeatedly said, and can back with facts, that the crisis is felt less in Bulgaria because of a rational government policy, but it is clear that people hoped for more."

Stanishev rejected criticism of his stimulus programme, saying that it was not true that the Socialist-led government cabinet left a bad heritage. "It is not true that we spent the Budget ahead of the elections. I do not share the opposition idea that spending has to be cut and major investment projects have to be cancelled."

Another factor was the heightened ethnic tension and the predominance of messages against ruling coalition partner Movement for Rights and Freedoms, supported mainly by ethnic Turk and Muslim voters, as well as rising fears that a political stalemate could cause early elections.

"Clearly, most Bulgarians pinned their hopes on GERB, but there was a strong element of voting against the ruling coalition and we suffered the most from that," Stanishev said. "We must answer in the coming weeks the question why after a successful term ... why people sought a change."

To the winner of the election, Sofia mayor Boiko Borissov and his Citizens for the European Development of Bulgaria (GERB), Stanishev wished the new government "to achieve at least as much as we did over the past five years".

He missed no opportunity to drive a wedge between Borissov and potential centre-right coalition partners Blue Coalition. "I hope that GERB will not become a hostage of the Blue Coalition," he said.

Concerning Bulgarian Socialist Party's (BSP) future in opposition, Stanishev said: "BSP will have a constructive approach to all measures that guarantee financial stability, the currency board agreement and personal incomes in these times of crisis. We will make no compromise with attempts to tarnish the achievements of this cabinet in that sense and we will be against any sale of national assets."

Asked whether he would step down as party leader, Stanishev said: "I do not want political responsibility to be interpreted as abandoning ship at a difficult moment. Whoever wants my resignation can ask for it at the meeting of the National Council."