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In February 1955 he succeeded Malenkov as Premier of the Soviet Union. He was generally seen as a supporter of Khrushchev's reforms and destalinisation. In July 1955, he attended the Geneva Summit, with U.S. President Dwight D. Eisenhower, French Prime Minister Edgar Faure, and British Prime Minister Anthony Eden. He and Khrushchev travelled together to India, Yugoslavia and in April 1956 to Britain, where they were known in the press as "the B and K show" or "Bulge and Crush". In his memoirs, however, Khrushchev recounted that he believed that he "couldn't rely on fully."
During the Suez Crisis of October–November 1956, Bulganin sent letters to the governments of the United Kingdom, France, and Israel threatening rocket attacks on London, Paris, and Tel Aviv if they did not withdraw their forces from Egypt. In a letter to Israeli prime minister David Ben-Gurion, Bulganin wrote, "Israel is playing with the fate of peace, with the fate of its own people, in a criminal and irresponsible manner; which will place a question upon the very existence of Israel as a State." Khrushchev, in his memoirs, admitted the threat was designed simply to divide Western opinion, especially since at the time he did not have enough ICBMs to launch the rockets, and in any case he had no intention of going to war in 1956.
By 1957, however, Bulganin had come to share the doubts held about Khrushchev's policies by the opposition group (which Khrushchev and his supporters labelled the "Anti-Party Group") led by Vyacheslav Molotov. In June, when the dissenters tried to remove Khrushchev from power at a meeting of the Politburo, Bulganin vacillated between the two camps. When the dissenters were defeated and removed from power, Bulganin held on to his position for a while, but in March 1958, at a session of the Supreme Soviet, Khrushchev forced his resignation.
Bulganin was appointed Chairman of the Soviet State Bank, a job he had held two decades before, but in August was dispatched to Stavropol as Chairman of the Regional Economic Council, a token position, and on 12 November he was expelled from the Presidium (Politburo) of the Central Committee. In September he was removed from the Central Committee and deprived of the title of Marshal, and in February 1960 he was retired on a pension.