Bulgaria is heading towards new snap elections, the seventh in three and a half years, as There Is Such a People (TISP) declined to form a cabinet. Recall that, GERB-UDF and WCC-DB also failed to form a government. With that, the constitutional procedure to form a cabinet within the mandate of the current parliament ends and the president must now appoint a caretaker cabinet and call snap general elections. In the June elections, a total of seven political formations crossed the 4% threshold. Such fragmented parliament has put at risk the formation of a stable elected government, which Bulgaria needs to meet the Eurozone accession requirements and implement reforms needed to unlock EU funding under the Recovery and Resilience Facility.