Bulgarian Railways to Lay Off 700 Employees
Some 700 employees of the Bulgarian State Railways (BDZ) will be laid off in order to cut the costs of the financially troubled enterprise.
Transport Minister Danail Papazov expects to see a concrete plan from BDZ by the end of May on how to cut the administrative costs, in order to reassure the company's creditors. Last week, Papazov revealed that the state railways' debts amount to BGN 171M.
Currently, there are over 1,200 people working for BDZ. According to Papazov, the number should not be more than 400-500.
As it stands, the Bulgarian government would only be able to grant a financial package to BDZ if the company's international creditors agree on its restructuring model.
- » Bulgarian Household Deposits Rise 7% Y/Y as of End-July 2016
- » FDI in Bulgaria Down 18.7% Y/Y in H1 2016
- » Bulgaria's C-Bank Publishes Stress Tests Report
- » Stress Test Shows Bulgarian Banks Are Stable - C-Bank
- » Bulgaria's Budget Surplus Revenues 'to Be Invested in Poorer Regions'
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016
"Is this the first step towards its privatization - when it will be sold off cheap to some pal of those in charge of the EU?"
Privatization? Who in their right mind would want to buy that piece of shit called BDZ. Have you ridden their trains? If you don't get burned to death you'll be riding with people of an average age of 85. The interiors haven't been cleaned since 1957 and the BG idea of high speed rail is Sofia-Plovdiv in 8 hours. In BG even gypsies think it's uncool to take the train and would rather travel to Burgas in their horse drawn carriage.