Bulgarian EconMin Blasts S&P over Downgrade

Politics » DOMESTIC | December 14, 2013, Saturday // 13:56| Views: | Comments: 2
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Bulgaria: Bulgarian EconMin Blasts S&P over Downgrade Bulgarian Economy and Energy Minister Dragomir Stoynev. Photo by BGNES

Bulgaria’s Economy Minister has criticized Standard & Poor’s over the downgrade of the outlook on the country's credit ratings from “stable” to negative.”

Dragomir Stoynev has accused the credit agency of commenting the situation in the country “in a purely political manner,” news website Dnevnik.bg informs.

“If there was some critique towards the government’s economic or social policies, this would have been completely normal. But I cannot accept purely political (comments),” the Economy Minister said.

According to S&P, Bulgaria's growth prospects are being challenged by anemic domestic demand, resulting from low credit growth, constrained investment growth and still-high unemployment, as well as by the complex political climate, which could slow reforms.

S&P's report noted on Friday that the improvement of Bulgarian political climate would strengthen the institutions’ functions and would increase the economic growth prospects, which, in turn, would have a favorable impact on the country's credit rating.

Bulgaria’s Socialist-led government has survived despite over six months of relentless, amd sometimes massive, anti-corruption protests. Opposition parties have repeatedly called for early elections in the spring of 2014.

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Tags: Standard & Poor's, S&P, Dragomir Stoynev, Bulgaria, political, outlok, credit rating
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» To the forumComments (2)
peterperfect - 15 Dec 2013 // 09:43:57

Criticize by all means but take their decision to heart. These are hard nosed economy annalists who spend all their time studying the effects various factors have on economies so use their expertise. It is no secret that all is not well in Bulgaria, the government is not liked or respected in many quarters so, if this is reflected in the economy instead of burying ones head in the sand meet it head on and do something about it.

Tania Oz - 14 Dec 2013 // 20:22:08

Oh dear, seems like poor little Draggy is rather upset!! Petulant child that he is. Never mind Draggy, Uncle Stanishite will make you feel better with some soothing words of wisdom, and he might even give you a lolly if you promise to be a good boy.

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