situation because their immense debts to the banks were reduced to nothing. Simultaneously, inflation skyrocketed, with the lev's value plummeting from 70:1 USD in early 1996 to 3,000:1 in early 1997, causing a sharp decline in purchasing power. According to the Bulgaria-based Institute for Market Economics, the hyperinflation was caused by the government's inept finance policy. Videnov himself blamed the Bulgarian National Bank's incompetent actions, and abuses committed during the previous coalition government headed by Lyuben Berov. Despite its initial refusal in order to save its reputation during the presidential elections campaign in 1996, the government was forced by the crisis to accept eventually the currency board proposed by the International Monetary Fund, a decision that was officially implemented by the next government in July 1997. Fall from power The BSP lost the November 1996 presidential election by an almost 20% margin in the runoff between their candidate Ivan Marazov and the UDF's candidate Petar Stoyanov. Following the results, several chief members of cabinet resigned and joined the internal BSP opposition against the party leader. Videnov tendered his own resignation as both prime minister and chairman of the BSP on 21 December 1996, but stayed on as acting prime minister until a successor could be appointed. The BSP, which still held the majority in Parliament, attempted to form a new cabinet. However, the UDF-headed opposition responded by organizing month-long street protests in big cities, demanding that the parliament should be dissolved and that elections must be held immediately because of the BSP's responsibility for the crisis. The protests culminated in a general strike and a siege of the house of Parliament, which was stormed and set on fire by the protesters on 10 January 1997. Bowing to popular pressure, BSP leaders eventually agreed to early elections and a caretaker cabinet headed by Stefan Sofiyanski (UDF) took over on 13 February 1997. Videnov stayed for a brief period as a figure in the hardline opposition within BSP and as a low-ranking functionary, but he soon left politics altogether. Subtle political affairs Despite the widespread corruption and swindles of his time, Videnov was commonly said to have been a personally honest man whose naivety was misused by his own associates. This assessment was supported with the argument that, unusually for Bulgaria, he apparently didn't make any personal profit from his position and indeed left politics as poor as he had entered it.