Caretaker Government Faces “Raft of Problems” - Reuters

Politics » DOMESTIC | August 5, 2014, Tuesday // 12:53| Views: | Comments: 0
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Bulgaria: Caretaker Government Faces “Raft of Problems” - Reuters Bulgaria's new interim cabinet was appointed on August 5. Photo by BGNES

The caretaker government of law professor Georgi Bliznashki appointed on Tuesday “inherits raft of problems to sort out”, Reuters noted in its coverage of the news.

According to Reuters, the most pressing problem facing the caretaker cabinet is “the fate of Corporate Commercial Bank”, KTB. Bulgaria’s fourth-largest bank remains closed since June 20 following a run on deposits and political parties are in disagreement to “what extent the bank's depositors and bondholders will be protected in a possible state rescue”

Other problems include sluggish economic growth, a diplomatic row over the South Stream gas pipeline and a sovereign credit rating downgrade in June.

Last week, Reuters reported that holders of USD bonds at KTB are planning to sue the government if the bond defaults and KTB is tipped into insolvency.

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