Bulgaria Ex-PM, Tsar Lauds Microcredit as Recovery from Crisis

Business | December 3, 2011, Saturday // 19:42
Bulgaria: Bulgaria Ex-PM, Tsar Lauds Microcredit as Recovery from Crisis Simeon Saxe-Coburg-Gotha (b.1937) was not only Bulgaria's PM 2001-5, but also Tsar under a regency regime 1943-6. Photo by BGNES

Microcrediting gives great opportunities for many in times of economic crisis, argues Bulgarian ex-PM and erstwhile Tsar Simeon Saxe-Coburg in an article published on his personal website.

In the piece issued Saturday, Saxe-Coburg, who was Bulgaria's PM 2001-5, stated that Bulgaria needs to assume a pro-active attitude to the crisis and rely not just on austerity, but also to simulate the economy.

"It is a matter of choice whether we will remain passive or we will try to alleviate those most affected by the burden of the crisis," argued the former Bulgarian monarch.

Saxe-Coburg goes on to specify that microcrediting on its own is far from capable of resolving the crisis, but is a much needed subsidiary measure to battle downturn.

He also adds that during 2002 his liberal National Movement for Stability and Prosperity cabinet approved some 6,000 microcredit projects that he says created more than 11,000 jobs.

The former Bulgarian PM advises the current center-right GERB government of PM Boyko Borisov to take that example and invest in Bulgaria's economy.

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Tags: microcrediting, Simeon Saxe-Coburg, National Movement for Stability and Prosperity, GERB, Boyko Borisov, crisis, economy, jobs, stimulus

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