Resignation 'Will Not Lead to Economic Recovery' - BIA Chairman

Politics » DOMESTIC | July 24, 2014, Thursday // 15:19| Views: 1067 | Comments: 1
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Bulgaria: Resignation 'Will Not Lead to Economic Recovery' - BIA Chairman BIA Chairman Bozhidar Danev. Photo by BGNES

The resignation of the government will worsen Bulgaria's economic situation, as political struggles will scare investors away, an industrial union's Chairman believes.

His comments came after the Bulgarian Parliament approved a cabinet request to step down on Thursday.

Dark times await the Bulgarian economy despite the resignation of the government, with lack of transparency about the financial-economic situation in the country ongoing since May, a statement by the Bulgarian Industrial Association (BIA) Chairman Bozhidar Danev reads.

"On top of everything come the problems with [Corporate Commercial Bank] KTB. That means that this sector of the economy will be blocked.", Danev is quoted by Focus News Agency as commenting.

He describes the affair as "the last straw for syndicates and employers that shattered the behavior toward the political elite that during the last few months has shown a complete lack of interest in the condition of the economy and the development of society."

Danev cited as an appropriate indicator for this behavior the fact that the Bulgarian National Bank (BNB), the government and all political party leaders announced that on July 21 KTB will open.

"Not only didn't that happen but also there was no-one who had the courtesy to state the reasons why the bank is still closed".

In Danev's view, unless there is a stable government with a market attitude toward the Bulgarian economy, nothing good awaits the country.

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Tags: BIA, Bozhidar Danev, Corporate Commercial Bank, KTB, BNB
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» To the forumComments (1)
#1
EDC - 25 Jul 2014 // 19:52:05

EU legislation ,government guarantee 100,000 euro (196,000 bgn)
As the KTB has been closed by the GOVERNMENT account holders of less than the EU limit should they not take their documents to the BNB and ask for their Money ,sign over to the BNB their KTB ACCOUNT and when the KTB BANK OPENS AGAIN IN SEPTEMBER the BNB can take from those accounts the money and close the account ,AS IT IS A GUARANTEED AMOUNT WHY DO PEOPLE HAVE TO WAIT ?
The government can honor those smaller accounts now and allow people to open another bank account and get on with their lives .
What investor in their right mind would put money into any Bulgarian bank or company when the government and the banking system is in such a mess ?