Global Economic and Financial Crisis Will Hit Bulgaria - Expert

Business » FINANCE | March 10, 2009, Tuesday // 00:00
Bulgaria Global Economic and Financial Crisis Will Hit Bulgaria: Global Economic and Financial Crisis Will Hit Bulgaria - Expert The economic restoration in Eastern Europe depends mainly on when the recession in the USA and Western Europe will be over. File photo

Bulgaria is among the European countries which will eventually be hit by the global economic and financial crisis, experts from the consultancy RGE Monitoring stated.

"The whole Eastern Europe region is a risky, and very dangerous place", Mary Stokes, lead analyzer in RGE Monitor, said for the Pari Daily.

In her words, the Czech Republic, Poland, and Slovakia are in a more stable condition. The fact, though, that a group of West European banks are present in most of the Eastern countries raises the possibility of a "financial infection", Stokes commented.

She says, there is a high risk of insolvency as a result of the slowing economies and the decrease in giving credits. Hungary and the Ukraine have already asked the International Monetary Fund for help. The Baltic countries and Romania are endangered, too.

There is a risk for Bulgaria, despite the tight fiscal policy, the budget surplus, and the good public financing, Stokes added.

In her words, the global financial crisis is still not over and we can expect even worse to come. The economic restoration in Eastern Europe depends mainly on when the recession in the USA and Western Europe will be over.

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Tags: Global Financial Crisis

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