Bulgaria Finance Minister, Plamen Oresharski has stated that Bulgaria will need from 2-3 years to overcome the current global financial crisis.

"Bulgaria will need two or three years to overcome the negative consequences of the global financial crisis," Oresharski said, cited by Bulgarian daily newspaper Standart.

"During this period we should try hard to buffer the effects of the unfavorable financial situation," Oresharski added while speaking as an honary guest at Plovdiv Medical University.

Oresharski went on to compare Bulgaria to other EU countries saying; "Some experts speculate that the crisis's negative effects on the economy are fully preventable, but this is not true. Even the strongest economies in Europe have contracted by five or six per cent."

"Some of the new EU members, which until recently were an example of economic prosperity, have seen their economies contracting by over ten percent on average," Oresharski concluded.

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