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Topic: We face excessive debts in wake of global downturn


#1
CJB - 4 Feb 2009 // 15:19:25

We face excessive debts in wake of global downturn
04 02 2009
Frog news
Bulgarian households risk facing excessive debt, warns Corporate Commercial Bank CEO Ilian Zafirov in an interview with Frognews.bg. This means they cannot cover their costs of living and their debts at the same time. “The crisis provoked mass dismissals of staff in various sectors. The labor market has shrunk, which affects the income level of a large part of the population,” Zafirov added. Debts may escalate considering that access to credit was very easy in the past and there was no economic prerequisite for this. Interest rates were too low. We witnessed an illusive stability, because our economy is very small and vulnerable to external factors. According to Zafirov there is no financial crisis in Bulgaria, just a general economic one. Problems in the finance sector in the US and Western Europe resulted in a general economic crisis, while in Bulgaria this affected the population directly. The crisis is on a smaller scale for now but there’s no telling how far it will get. It depends on the macro-economic measures the government takes. “Other than that everyone is taking measures to protect their business, but the government is responsible for measures for the population in general. If these measures are ineffective society shall suffer the consequences,” Zafirov warned.

#2
Kolegialen - 4 Feb 2009 // 18:31:14

CJB tell us, what is the point of what you are doing here?
Posting any and all bad news that concerns BG?
Is it because you don't think enough Bulgarians hate their country, or is it because you, as a typical Bulgarian think that your country is the only one with problems, especially now?

Tell me because I am really unclear about your goal here....

#3
xNELLIEx - 4 Feb 2009 // 18:35:57

Kolega,

What CJB is doing is self-evident, my dear Watson. He is supplementing the news Novinite is providing with more in-depth coverage from other sources. I, for one, am grateful. It saves me the time having to find these stories on my own.

#4
xNELLIEx - 4 Feb 2009 // 18:41:09

"According to Zafirov there is no financial crisis in Bulgaria, just a general economic one. Problems in the finance sector in the US and Western Europe resulted in a general economic crisis, while in Bulgaria this affected the population directly."

What is new? Nothing. Nothing has changed in the last 20 years. A few enterprising Bulgarians have managed to pick themselves up by the bootstraps and made some personal progress, and the rest are watching them with envy and accusing them of being successful.

#5
Kolegialen - 4 Feb 2009 // 18:44:04

Nellie, do you seriously want to be informed about all the bad shit that's coming down to all of us?
Just turn on CNN and that's all you see - it's everywhere.
The US is in the middle of economic meltdown and major nationalization that will make Bulgarian Socialists look like Reagan Republicans in comparison - you can't so blind not to recognise that?

He has never posted anything positive, so that's why I question his motivations.
Positive stuff has and continues to happen, but is isn't sexy so it isn't covered...

I'll tell you what - with all the shit, BG is actually in a better position than some Northern countries, like Island and others. This is the first time in history - ever!

#6
CJB - 4 Feb 2009 // 18:46:05

Thanks Nell, it's nice that someone appreciates my efforts, and understands them...

#7
xNELLIEx - 4 Feb 2009 // 19:15:39

At the same time we learn that the large civilian casualty figures in Iraq published by Lancet in 2006 are undoubtedly phony and certainly not backed by credible evidence:

The Executive Council of the American Association for Public Opinion Research said Dr. Gilbert Burnham, a Johns Hopkins University professor, had repeatedly refused to cooperate with an eight-month investigation into his research on the Iraqi death toll that made headlines in October 2006 when it was published by The Lancet, a British medical journal.

The widely publicized study headed by Burnham contended that nearly 655,000 Iraqis had died because of the U.S.-led invasion and war in Iraq.

"When asked to provide several basic facts about this research, Burnham refused," the council said in a statement. It noted that the group's Code of Professional Ethics and Practices calls for researchers to disclose their methodology when survey findings are made public so they can be independently evaluated and verified.

"Dr. Burnham provided only partial information and explicitly refused to provide complete information about the basic elements of his research," said Mary Losch, chair of the association's Standards Committee.

#8
xNELLIEx - 4 Feb 2009 // 21:56:57

kolega

"I'll tell you what - with all the shit, BG is actually in a better position than some Northern countries, like Iceland and others. This is the first time in history - ever!"

Iceland has announced a new government that will be headed by the modern world's first openly gay leader. Johanna Sigurdardottir was named new prime minister by the country's coalition political parties.

When Azis becomes prime minister in Bulgaria, he will be twice as good - first gay and first gypsy Bulgarian prime minister. He is already more popular in Bulgaria than Oprah is in the US.

#9
Kolegialen - 5 Feb 2009 // 00:45:25

Incidentally, I am gong to go meet Azis's cousins next month.
Just found out that I am going to India for 5 days in the end of March.

This is one country that I always wanted to visit. Met some interesting Indians so it will be cool to see the place. Not a foodie but do like their food too.

Been there Nellie?

#10
xNELLIEx - 5 Feb 2009 // 02:26:17

kolega

No, never been to India. I did want to go there when I was young and the Beatles went there, but I outgrew the urge. I have no desire to go there anymore. Met too many Indians here.

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