German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Financial Crisis Shatters Bulgaria's Wine Exports to Russia
Business | February 9, 2009, Monday // 00:00
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Bulgaria's wine exports to Russia are severely affected by the global financial crisis. Photo by Yuliana Nikolova (Sofia Photo Agency)
Bulgaria's wine exports to Russia dropped by 45% in 2008 compared to 2007, according to preliminary data of the National Vine and Wine Chamber.
The data was announced by its Chair, Plamen Mollov, in an interview for the Darik Radio on Monday.
Mollov pointed out that the only reason for the decline of the Bulgarian wine exports to their largest market was the failure of Russian distributors to operate with bank credits because of the effects of the global financial crisis.
The prognoses of the National Vine and Wine Chamber do not envisage a recovery of the Russian market for Bulgarian wines in the coming months.
According to Mollov, the crisis in the Russian market, where two-thirds of Bulgaria's wine exports usually go, will cause a restructuring of the Bulgarian wine industry.
In his words, the largest wine producers will be hit hardest whereas the small local wineries created with EU funds will be able to compensate their losses with an aggressive marketing strategy and additional business activities such as wine-tasting tourism.
Mollov predicted some Bulgarian wine producers might merge or might be bought out by large financial companies as some wine factories were already offered for sale in informal talks.
The data was announced by its Chair, Plamen Mollov, in an interview for the Darik Radio on Monday.
Mollov pointed out that the only reason for the decline of the Bulgarian wine exports to their largest market was the failure of Russian distributors to operate with bank credits because of the effects of the global financial crisis.
The prognoses of the National Vine and Wine Chamber do not envisage a recovery of the Russian market for Bulgarian wines in the coming months.
According to Mollov, the crisis in the Russian market, where two-thirds of Bulgaria's wine exports usually go, will cause a restructuring of the Bulgarian wine industry.
In his words, the largest wine producers will be hit hardest whereas the small local wineries created with EU funds will be able to compensate their losses with an aggressive marketing strategy and additional business activities such as wine-tasting tourism.
Mollov predicted some Bulgarian wine producers might merge or might be bought out by large financial companies as some wine factories were already offered for sale in informal talks.
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