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July 23, 2014 AT 11:24 AM
Bulgaria's technocrat Prime Minister Plamen Oresharski resigned as expected on Wednesday, leaving his successor to sort out the Balkan state's worst banking crisis since the 1990s and with the fate of its fourth largest lender still in limbo. In power for just over a year, his government bowed out after the ruling Socialists' poor showing in May's European Parliament elections, paving the way for an interim government to take over in August and a general election in October.