Bulgaria urgently needs to reduce public spending, despite the possibility of social unrest, if it is going to avoid the financial instability of countries such as Greece, leading financial analysts say.

The analysts also stated that if public spending is not cut the country’s attempts to join the eurozone might be endangered.

“The government spends money, which it simply does not have,” Georgi Angelov, Senior Economist at the Open Society Institute in Sofia, stated Tuesday before the meeting between government officials and employers over the much awaited anti-crisis plan.

Georgi Ganev, an economist and program director for economic affairs at the Center for Liberal Strategies concluded; “They (the government) are demonstrating an inability to control the budget deficit, which will create difficulties.”