Bulgaria Advances Eurozone Integration with Instant Payment System
The process of introducing the euro in Bulgaria is advancing, with the implementation of the Eurosystem’s TIPS (Target Instant Payment Settlement) service playing a central role
Greek politicians have officially ended their election campaigning Saturday, one day before citizens are to cast a vote that is crucial for the country's Eurozone future.
Unofficial polls forecast a small margin and a heated race between the conservative New Democracy Party and the left-wing Syriza.
"Sunday's vote is being watched around the world, amid fears that a Greek exit from the euro could spread contagion to other Eurozone members and send turmoil throughout the global economy," BBC writes.
The elections come after a vote on May 6 whose inconclusive results prevented all parties from forming a coalition cabinet.
On Friday, the head of New Democracy, Antonis Samaras, told supporters he would lead the country out of the financial crisis, while keeping Greece part of the Eurozone. He is known as supporter of the international bailout, but promises to renegotiate its terms.
Samaras also said he could lead a coalition of other center-right parties and the Socialist PASOK.
Similarly to New Democracy, the socialist PASOK agrees to austerity measures in return for the last EU/IMF EUR 130 B bailout. Syriza, which came second on May 6, insists any new government must cancel the measures.
In their majority, common Greeks are unhappy with the harsh conditions attached to the bailout.
Alexis Tsipras, leader of Syriza, despite rejecting the bailout, insists that Greece stays in the Eurozone.
"The memorandum of bankruptcy will belong to the past on Monday. Brussels expect us, we are coming on Monday to negotiate over people's rights, to cancel the bailout," he told supporters at his final campaign rally.
Germany, the most powerful EU economy, stresses that Greece, like other member-states which have received international bailouts, must abide by the austerity conditions.
Other leading European figures, including European Commission head Jose Manuel Barroso, have also warned that Greece must respect the terms of the bailout deal if it wants to remain in the Eurozone.
The uncertainty has alarmed Greece's international creditors, who insist the country must keep to the terms of the bailout deal if it is to continue receiving funds and avoid bankruptcy.
Greece's Central Bank and the Finance Ministry are working on an emergency plan to prevent bankruptcy if the bailout loans come to a halt.
Leading news agencies report that according to analysts, funds needed to pay wages, retirement pensions, welfare and others top EUR 4 B a month and the Greek State only has funding for them until mid-July.
In a video address from Brussels, North Macedonia's Prime Minister, Hristijan Mickoski, reaffirmed his country's commitment to EU membership, highlighting the government's focus on implementing reforms and improving living standards for its citizens
The Dutch government has expressed its support for Bulgaria's accession to the Schengen area by land, according to diplomatic sources and local media
Syrian rebels intensified their offensive against the Assad regime, advancing toward Hama City and capturing over 20 towns and villages in the surrounding areas
Thousands of demonstrators have gathered outside Georgia’s parliament in Tbilisi for a sixth consecutive night, protesting the government’s suspension of negotiations on European Union accession
South Korea's political crisis deepened on Wednesday as opposition parties submitted a motion to impeach President Yoon Suk Yeol
Turkish media outlets have reacted strongly to the anticipated accession of Bulgaria and Romania to the Schengen Area
Bulgaria Ranks Second in the Balkans at Paris 2024 Olympics, 26th Overall
Bulgaria Leads Europe in Heat-Related Deaths in Record-Breaking 2023