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Moldovan president rules out resignation despite massive protests

08 September 2015 19:46 (UTC +04:00)

"I’m not going to resign, because I believe that this decision will provoke the destabilization of the country," the statement by Timofti read.

The Moldovan leader added that a power vacuum could trigger a new political crisis in the country while his task was to put an end to the period of instability in the country.

The protests in Moldova were sparked by the disappearance of more than $1 billion, or the equivalent of 15 percent of the country's total gross domestic product, from three Moldovan banks last year. The incident negatively impacted on the country's banking system and led to depreciation of the national currency, the leu.

The protesters are demanding that top officials and the government resign, and that the constitution be amended so that the president is chosen by direct ballot, rather than by members of parliament.