Home Page
 
News 04 Sep 12

Bulgaria Abandons Bid to Join Eurozone

PM and Finance MInister say they no longer see the benefits of Bulgaria joining the troubled single currency, even the country now satisfies all the criteria.
Bulgaria has decided to postpone indefinitely its long-held plans to adopt the euro, the Prime Minister Boyko Borisov and the Finance Minister Simeon Djankov, have revealed.

In an interview for The Wall Street Journal, Borisov and Djankov explained that the decision came in response to deteriorating economic conditions and rising uncertainty over the prospects of the bloc, alongside a shift of public opinion in Bulgaria, which is entering its third year of an austerity program.

"The momentum has shifted in our thinking and among the public....Right now, I don't see any benefits of entering the Eurozone, only costs," Djankov said.

"The public rightly wants to know who would we have to bail out when we join? It's too risky for us and it's also not certain what the rules are and what are they likely to be in one year or two," he added.

Borisov predicted a deepening divide in Europe, saying that many governments were not prepared to stomach the difficult decisions they have to take.

"It's like a spoilt child who doesn't want to go to the dentist to fix his bad teeth, even though the operation is needed," he said.
 
Thanks to its tight fiscal discipline, Sofia now satisfies all criteria to enter the European exchange-rate mechanism, the final stage before adopting the bloc's single currency.

Talk about it!

blog comments powered by Disqus

Related Headlines:

macedonia-appeals-court-to-decide-on-gruevski-s-detention-07-21-2017
21 Jul 17

Macedonia Court To Rule on Gruevski’s Detention

Macedonia’s Appeal Court is to decide within the next two days whether to detain former Prime Minister Nikola Gruevski and top officials of his VMRO DPMNE party on election fraud charges.

21 Jul 17

Kosovars Warned About Using First Bitcoin ATM

Premium Selection

serbia-in-two-minds-over-new-imf-deal-07-17-2017
20 Jul 17

Serbia in Two Minds Over New IMF Deal

With the economy in relatively good shape, a question mark hangs over whether Serbia needs a fresh arrangement with the Fund.

kosovo-war-court-president-promises-impartial-justice-07-19-2017
20 Jul 17

Kosovo War Court President Promises Impartial Justice

The president of the Kosovo Specialist Chambers, Ekaterina Trendafilova, told BIRN the new court has no ethnic bias, will protect its witnesses from intimidation and deliver justice impartially and independently.

19 Jul 17

New Migrants Face Old Terrors on Balkan Route