German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
New waves of migrants from countries like Bulgaria, Romania and Ukraine can be expected as a reaction should the West close markets and shut off capital flows, wrote the US based Newsweek.
According to the article if French President Sarkozy's vision of a protectionist Europe of subsidized companies and an unraveling single market prevails, it will mean the likely death of Eastern Europe's economic-development model of tying into the global economy via Western neighbors.
"Ultimately, though, the closing of markets and shutting off of capital flows will ricochet back to the West - via collapsing exports and defaulted loans, not to mention new waves of migrants from down-and-out countries like Romania, Bulgaria and Ukraine."
The article, written by Stefan Theil and William Underhill, argues that this is the first time in decades that not just European banks but entire countries could become insolvent.
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Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
The National Statistical Institute reports that in 2023, the poverty line for the entire country stood at 637.92 BGN per person per month within households
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022