Bulgaria achieved an incredible success with its sovereign bond issue, which proves the world have trust in the current government and its economic policy, the prime minister has boasted.
"Some of the biggest German, English, Swiss and Singaporean banks, Korean funds and many others rushed to the bond sale the moment it was opened, wanting to buy EUR 6.5 B worth of bonds," Boyko Borisov told the ministers from his cabinet at their meeting this week.
He stressed that the sale was oversubscribed, while the yield achieved - considerably lower than the country's foray into international capital markets back in 2002....
Lucky, very lucky! Bulgarians now have a debt to GDP 2% higher, and, in a round about way, are effectively paying 5% interest on the 20,000 or so unsold black sea apartments that Greek and Italian owned Bulgarian banks have on their books. Lets hope that those same banks don't own any Greek, Spanish, Italian, Portuguese or Irish debt. Also, noting that private debt has risen from 20% of GDP in 1999 to 90% of GDP in 2008, so any hiccup there and Bg will be in the same situation as the PIIGS.
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