Bulgarians Join Balkan Protest Against Soaring Food Prices
Bulgaria has joined Croatia, Bosnia and Herzegovina, and Montenegro in organizing protests against rising food prices
Simeon Dyankov, a former finance minister, expressed that the Bulgarian economy is performing reasonably well, although discussions regarding the macro framework for 2025 are currently stalled due to the absence of a functioning parliament and government. He noted that finance minister Ludmila Petkova has called on politicians to outline necessary budget measures and determine the deficit. According to Dyankov, Bulgaria has not seen a deficit of this nature in 25 years, and he does not anticipate significant parliamentary debate on the issue.
Dyankov criticized the campaign promises made by politicians, pointing out that 8 billion leva is the outstanding capital expenditure, yet only 4 billion leva of those commitments have been realized. He warned that a 3% deficit poses serious risks and emphasized the importance of discussing progressive taxation, which requires a stable government. While he reassured that Bulgaria is not on the verge of a Greek-style economic crisis, he acknowledged the need for scrutiny over government spending.
He stated that Bulgaria is far from meeting the criteria for Eurozone membership, specifically the inflation threshold, and warned that a 3% deficit could lead to the country being excluded from the Eurozone. He believes that societal readiness for the euro is crucial, and he suspects that politicians may be hesitant about entering the Eurozone. Furthermore, Dyankov commented on the discomfort some politicians feel regarding the conditions tied to the Recovery and Sustainability Plan, predicting that Bulgaria will take out at least two more loans by the end of this year and three additional loans next year.
Bulgaria has the lowest minimum wage among the European Union member states as of January 2025, standing at 551 euros
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Economists have urged Bulgaria’s leadership to submit an application to the European Commission and the European Central Bank for an extraordinary convergence report on joining the eurozone
Representatives of Bulgaria’s ruling coalition have once again highlighted a significant deficit in the state budget, with Stanislav Balabanov from "There Is Such a People" (TISP) stating that 2025 will be a transitional year regarding the eurozone
Valeri Belchev, former acting Minister of Finance, recently expressed strong concerns about Bulgaria's financial management, particularly focusing on the lack of proper budget management tools
Kalin Hristov, former deputy governor of the Bulgarian National Bank and former finance minister, expressed concern over the public discourse on key economic issues
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