Authorities in Bulgaria have arrested five to seven suspects for spreading rumors about the stability the nation’s banks, which allegedly sparked runs on two financial institutions.  This comes as Bulgaria’s president declared he would dissolve parliament and appoint a caretaker government.

President Rosen Plevneliev spoke with political leaders about the situation with the banks and decided to take action.  The caretaker government will take over after 5 August, paving the way to elections in October.  And he’s making it clear that people’s deposits are safe.

“The money of the citizens and the firms invested in the banking institutions in Bulgaria is secure and guaranteed.  The banks will continue working in a normal manner,” said Plevneliev.

Bulgaria’s Central Bank was forced to take over the country’s fourth-largest bank after a run on deposits, and then had to order the third-largest lender closed until today, after another round of rumors led deposits to line up outside with withdrawal slips.

Police say the men arrested spread rumors about the banks’ stability “for personal gain”.  The suspects used “mobile phone and e-mail messages and social media, including Facebook and YouTube, to spread rumors prompting people to withdraw bank deposits,” police said, adding that some of the suspects owed large amounts of money to banks.