The Romanian MPs today overturned the pro-European government of prime minister Illye Bolozan by voting for a no-confidence motion.

With this reversal, they are putting the country’s credit rating, its access to European funds and the stability of its currency at risk.

According to official results, the motion of no confidence garnered 281 votes compared to the 233 needed to be approved by the parliament, which has 464 seats.

Bolozan had been head of a minority government since the end of April when the Social Democrats (PSD) – the largest party in parliament – demanded his resignation and then withdrew from the four-party, pro-European coalition and teamed up with far-right opposition to table a motion of no confidence.

Although early elections seem unlikely, financial markets are worried that the turmoil could mean Bucharest will not be consistent in its commitment to cut its budget deficit, the largest in the EU.

The current ruling coalition was formed 10 months ago,in an attempt to stem the rise of far-right parties after a series of polarising elections. However, its constituent parties have clashed repeatedly over budget cuts.

According to polls, however, Bolozan, who comes from the Liberal Party (PNL), is the most popular politician in the ruling coalition, according to polls.

“Can anyone say how Romania will work from tomorrow, do you have a plan?” Bolozan told MPs ahead of the vote.

Romania, which has never held early elections, is expected to hold regular parliamentary elections in 2028.

According to analysts, the likelihood of elections now is low as the far-right opposition Alliance for the Union of Romanians (AUR) leads in opinion polls. Centrist President Nicusor Dan is expected to call the parties for consultations and try to reconstitute the four-party pro-European coalition with another Liberal member or perhaps a technocrat as prime minister.

The Social Democrats have repeatedly said they may again join a pro-European coalition under a different prime minister. Bolozan’s party has so far ruled out working with the Social Democrats, however, but some senior party members are pushing for reconciliation.

Bolozan will remain as interim prime minister with limited powers until parliament confirms the appointment of a new government.