Bulgaria's President Rosen Plevneliev Holds Financial Consultations
President Rosen Plevneliev will hold consultations with the parliamentary represented political parties and the executive power on the financial situation in Bulgaria, Monday.
The meeting is organized in terms of the implementation of the arrangements achieved during the political consultations on June 29 to ensure coordination and to guarantee continuity and a smooth transition to the next administration, Bulgarian National Radio reports.
Regarding the banking and financial stability of Bulgaria Rosen Plevneliev was adamant that the money of individuals and compаnies invested in the banking institutions in Bulgaria are safe and guaranteed. The currency board is stable and will be preserved until Bulgaria's entry in the euro area, Plevneliev claimed.
The meeting will be attended by the Speaker of Parliament Mihail Mikov, Prime Minister Plamen Oresharski, Finance Minister Petar Chobanov, Vice Prime Minister Zinaida Zlatanova, the Prosecutor General Sotir Tsatsarov, the governor of the Bulgarian National Bank Ivan Iskrov and the sub-governor of BNB Kalin Hristov.
They will discuss the need of legal amendments to be passed by the outgoing Parliament.
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"The currency board ... will be preserved until Bulgaria's entry in the euro area, Plevneliev claimed."
This is not true. A country that wants to enter the EURO zone has to spend 2 years in the "waiting room", a period during which the Lev will float vs the Euro, and it has to proof that it can stay within a +/-15 % range... Far away dreams with the present economy!
And there is the risk on speculation against the Lev. The British remember Black Wednesday very well...