Bulgaria Parliament Overturns Presidential Veto on Budget
Bulgaria’s parliament overturned on Friday the presidential veto on the budget revision after securing the votes of 130 MPs.
Ninety-three MPs voted against, nobody abstained.
Members of parliament from the ruling Socialist and ethnic Turkish parties, together with the nationalists, united to overturn the veto.
The ruling Bulgarian Socialist Party and Movement for Rights and Freedoms have exactly 120 MPs out of 240.
But to overcome a presidential veto, an absolute majority of at least 121 MPs was needed.
The Socialists and the Movement thus relied on votes by ultranationalists Ataka, who as expected supported them.
Adopted at the end of last month by the Socialist-led government, the amendments pave the way for a spending deficit of 2% of GDP as opposed to 1.4%, which was to be financed by external debt.
The budget revision provides for a new loan in the amount of BGN 1 B to be used as a buffer for the fiscal reserve in 2014, when Bulgaria must make new payments on its foreign debt. Other funds will be slated for the overdue money for the business and for social measures.
Economic growth is revised down to 1% from the original figure of 1.9%, while deficit increases by BGN 493 M, accounting for 2% of forecasted GDP.
Finance Minister Petar Chobanov has defended the amendments, saying the budget revision aims to correct the country’s fiscal policies from the last few years, which hampered economic growth and limited the opportunities for assistance to vulnerable groups in the society, as well as set right the misleading forecast for revenues and spending.
- » Bulgaria's GERB Suffers 2nd 'Renegade' Loss
- » Bulgaria to Lift Bank Secrect in Conflict of Interest Cases
- » Bulgarian PM Predicts Economic Growth in 2014
- » Bulgarian MPs OK Party Subsidy Cut by BGN 1
- » Ex MP of Bulgaria's GERB Vows Independence, Not to Join Socialists
- » Socialist MP: Bulgaria's Parliament Won't Complete 4-Year Term
they had plenty of opportunity in the first couple of weeks to simply not do anything utterly incompetent, however they elected mafia crooks to many positions of power, and now are wanting to borrow huge amounts of money without accurately describing what they need it for. but sure - lets keep "giving them a chance".
Ok we have different opinions, the Government was elected through proper processes and they need to be given a chance.
It is easy to protest, it is very hard to do things to move Bulgaria forward and for me that is what I expect from this government, and I think their Budget Revisions is a step in the right direction :-)
"...Bulgarian people are clever and will not elect crooks."
Okay give me a clue - are you a comedian, naive or just plain dumb? A huge proportion of votes here are BOUGHT, you numbskull.....whoever pays most or offers a return to the "Good Old Days" of Commie certainty will get plenty of votes. Why do you think the protesters are on the streets and why do you suppose the "Red Rubbish" government is bussing in its paid "supporters"?
I do believe that these politicians will do what they can for Bulgaria in what are difficult circumstances.
Ok some of the Politicians have communist backgrounds but that is inevitable given events in Eastern Europe over the last 50 years, and crooks no, Bulgarian people are clever and will not elect crooks.