[3] After declaring their intentions to form a new government, the UDF and other opposition parties staged mass rallies demanding snap elections.

Ivan Kostov and the cabinet headed by him were sworn in on May 21, 1997, and a month later (July 1, 1997) in order to stabilize the lev and the banking system, a currency board was introduced in the country (BGN 1,000 is equal to of 1 German mark).

The reasons for the problems with privatization are both its eight-year-late start-up (during which companies have been "drained", most of which have been at a loss since the communist era) and widespread corruption at all levels of government and the unstable situation in the country.

The result is huge debts of giants such as Kremikovtzi (included in the liquidation list by Videnov's government) and Agropolichim - Devnya and their sales for 1 dollar or 1 lev, respectively.

Despite the polarization of public opinion and the economic losses for the country, Ivan Kostov's cabinet and the National Assembly have come out in support of NATO strikes against Serbia.

Refusal to provide air corridors to the Pact would doom Bulgaria to international isolation and minimize the chances of membership in the European Union.

Despite the polarization of public opinion and the economic losses for the country, Ivan Kostov's cabinet and the National Assembly have come out in support of NATO strikes against Serbia.

Refusal to provide air corridors to the Pact would doom Bulgaria to international isolation and minimize the chances of membership in the European Union.

A large number of international agreements have been signed - the credit agency Standard and Poor's raises Bulgaria's rating to B + with positive prospects.

Following a meeting with George W. Bush (US President) and Dick Cheney (US Vice President), four days before the next parliamentary elections on June 13, 2001, despite warnings from the World Bank and Deputy Prime Minister Peter Jotev, Prime Minister Ivan Kostov signed a deal with American companies for construction of a new power plant on the site of TPP "Maritsa-East 1" and rehabilitation of TPP "Maritsa-East 3" (which will produce the most expensive electricity in the country, which the National Electric Company will be obliged to buy for 15 years after the start of operation of the plants).

Michael Cherney, an Uzbekistan-born Israeli businessman, was expelled from the country and forbidden from reentering for 10 years for his ties to foreign criminal money-laundering schemes.