Bulgaria's president said on Thursday an early election would be held on May 12, seeking a way out of a political crisis that may undermine the Balkan country's economic stability.

Prime Minister Boiko Borisov resigned last week after nationwide protests against high electricity prices, and plans to cut prices and revoke the distribution licence of Czech utility CEZ could deter other investors.

All major Bulgarian parties have said they do not want to form a government in the current parliament.

(Reporting by Sam Cage and Tsvetelia Tsolova; Editing by Alison Williams)