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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The international rating agency Standard & Poor's has reaffirmed Bulgaria's long-term and short-term credit rating at 'BBB/A-2' in both foreign and local currency
Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU