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Bulgaria Municipalities Face Bankruptcy over Crisis Measures
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Bulgarian municipalities are set to lose over BGN 1 B this year due to the global economic crisis.
Members of the Bulgarian National Association of Municipalities announced late Tuesday that many municipalities face bankruptcy.
Part of the problem is the retention by the government of 10%, or about BGN 250 M from the state subsidy for local authorities.
This buffer is one of the government's measures to counter the economic crisis, however it may lead to 1/3 of the Bulgarian municipalities going bankrupt, Dnevnik daily newspaper reported.
The experts from the association warned that the buffer will mean bankruptcy for one third of the municipalities. According to them, 10 % of the subsidy is equal to two times or more of the amount of most municipalities' income. This means that most small municipalities are threatened.
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