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Ex-PM: Bulgaria Is in Deep Stagnation, Mustn't Fear Borrowing

Politics » DOMESTIC | January 7, 2014, Tuesday // 15:36| Views: 1218 | Comments: 0
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Bulgaria: Ex-PM: Bulgaria Is in Deep Stagnation, Mustn't Fear Borrowing Photo by BGNES.

Bulgaria has entered a deep structural economic and social stagnation, warned former rightist PM Ivan Kostov.

In this situation, Bulgarians need not fear government borrowing, but any loans must be spent wisely, said Kostov in an interview for the Bulgarian National Radio Tuesday.

"We are the poorest nation in Europe because demographically we are among the worst off. People have the lowest levels of consumption and quality of life in the EU," said the former rightist leader.

"The relative perception of poverty is very strong. And the reason for that is that the nation is perishing," Kostov remarked.

"The last thing that people have to worry about is that Bulgaria will amass debts. The question is: how are his loans going to get spent?" said he.

A the same time, the former PM (1997-2001) warned of a stagnant situation in which there is poor absorption of EU funds and businesses are not willing to spend for further investments.

Kostov resigned from a long-held chair position of righitst party Democrats for Strong Bulgaria after the party failed to enter parliament after May 12 early general elections and went on to found a so-called Risk Management Laboratory at the private New Bulgarian Univeristy.

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Tags: Ivan Kostov, borrowing, stagnation, EU funds, investments, poverty, Democrats for Strong Bulgaria, New Bulgarian University
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