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Bulgaria's economy will decline by 0.1% in 2010 before it returns to positive growth in 2011, according to the Economist Intelligence Unit.
An EIU report cited by the Romanian agency Mediafax says that Bulgaria's capacity to respond to the economic crisis is limited by the currency peg of the lev to the euro, and the need to maintain a restrictive fiscal policy.
Romania's economy is also forecast to return to growth in 2011, after contracting by 1.2% in 2010 because of harsh austerity measures and resistance to spending cuts that could even lead political instability.
In a July report, the EIU for Romania indicate a 0.6% economic contraction this year and an increase of 0.8% of GDP in 2011, reminds Mediafax.
"In the Balkans, the economy remains vulnerable to crisis. The Balkan countries are exposed to problems of Greece with investment links, trade, banking systems and remittances," the EIU report says.
The consultancy believes that the region of the Balkans, or Southeast Europe, including Bulgaria, Croatia, Romania, and Serbia, will see a 0.2% GDP decline in 2010, and a 3.1% growth in 2011.
The region of Central and Eastern Europe (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) is said to register a 1.6% growth in 2010, after declining by a total of 2.4% last year. In 2011, it will probably grow by about 3%.
A criminal network linked to Bulgaria has been accused of defrauding dozens of elderly people in northern Greece through an elaborate telephone scam that resulted in losses exceeding 600,000 euros, according to Kathimerini.
The United States is expanding shipments of liquefied natural gas to Southeast Europe and Ukraine via Greece, according to remarks by the US Ambassador to Athens, Kimberly Guilfoyle
The Bulgarian Parliament has adopted a decision establishing February 14 as the official Day of Bulgarian–Polish Friendship and Cooperation. The measure passed unanimously, receiving 165 votes in favor.
Greece has raised its minimum monthly wage to 920 euros as of today, marking an increase from the previous level of 882 euros, according to official information
Greece has reportedly expanded its regional air defense involvement, including measures linked to the protection of Bulgarian airspace, amid heightened tensions in the wider Middle East following strikes involving the US, Israel and Iran
Eurostat provisional estimates, cited by Bulgaria’s National Statistical Institute, indicate significant disparities in GDP per capita across the European Union in 2025 when measured in purchasing power standards
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The Ministry of Finance has released a broad public dataset covering more than 7,000 public procurement contracts with a combined value exceeding 30 billion euros
Mobile slot gaming has exploded in popularity, and it’s easy to see why.
Caretaker Finance Minister Georgi Klisurski said he expects fuel prices at gas stations to ease in the coming period, pointing to a sharp decline in international oil markets
Boris Azarenko is an entrepreneur whose professional background lies in banking and finance and who later founded major property development businesses.
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