The Bulgarian government's financing needs are the second lowest in eastern Europe, according to Moody's Investors Service.

The Balkan country is second only to Estonia, whose borrowing requirements are the lowest at 3.2%.

The 11 Eastern European countries included in the Moody's survey ranked by 2013 borrowing needs in descending order are Hungary, the Czech Republic, Slovakia, Turkey, Romania, Poland, Slovenia, Lithuania, Latvia, Bulgaria and Estonia, according to Bloomberg.

Eastern Europe's total borrowing needs will shrink from last year relative to the region's economic output as governments keep spending under control and economic growth picks up, Moody's said. The outlook for the region is improving as contagion risks from the euro area's debt crisis recede.

Borrowing needs will increase 4.1% from last year to EUR 184 B, Moody's said. Relative to GDP, they will fall to 9.9% from 10.2%  last year, according to the company.

As governments continue to cut spending, average government deficit will shrink to 2.3% of GDP from 2.5% in 2012, Moody's said, according to Bloomberg.

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