200,000 Workers Needed for Bulgaria’s Black Sea Coast as Labor Crisis Deepens
The Black Sea region in Bulgaria is facing a serious labor shortage ahead of the summer season
Former Finance Minister Simeon Dyankov has expressed concerns about Bulgaria’s eurozone prospects, warning that the country may be moving away from joining for years, potentially indefinitely. Speaking to Bulgarian National Radio, he suggested Bulgaria’s timeline has shifted at least two years forward, potentially targeting 2029. Dyankov criticized what he described as "two clumsy attempts" to introduce a large budget deficit, calling recent fiscal moves "a stupid step."
Dyankov pointed to proposals allowing expenses not offset by real revenues, warning that they could lead to significant deficits. He argued that such moves lack sound financial planning and suggested that external intervention may be needed to rectify the situation, as the current approach defies established expertise. Despite these challenges, he expressed confidence that experienced parliamentarians would not support such measures.
The former minister highlighted inconsistencies in the 2025 draft budget, noting a proposed deficit of 15 billion leva, far exceeding the 6 billion leva necessary to maintain a 3% deficit. He suggested that the caretaker government withdraw the draft budget, as its proposed 8% deficit raises concerns among financiers in Brussels and the European Central Bank. Dyankov also criticized the inclusion of fabricated expenditure items, such as tax forgiveness, and flagged artificially inflated VAT revenue estimates.
Protests, he argued, are inevitable given the unsustainable fiscal policies of the caretaker government. Dyankov believes that such proposals are unfeasible and reflect poor governance. He also acknowledged a sharp decline in foreign investments, which he described as a major issue.
Discussing political prospects, Dyankov noted an increased likelihood of a coalition government involving GERB, Democratic Bulgaria, There Is Such a People, and BSP, citing the mistakes of the caretaker administration as a unifying factor. He expressed optimism that Bulgaria could form a regular government by early February.
On broader economic topics, Dyankov predicted the revocation of Eurohold’s license and criticized the prolonged lack of electricity in certain settlements, calling it a "great disgrace" in modern times. However, he maintained a positive outlook for the global economy in 2025, expecting it to perform well despite Bulgaria’s domestic challenges.
Source: Bulgarian National Radio (BNR)
Professor Steve Hanke, who established Bulgaria’s currency board, emphasized that the country should maintain the current system, as it continues to work effectively
Bulgaria has the lowest minimum wage among the European Union member states as of January 2025, standing at 551 euros
Since being created as a joke cryptocurrency , Dogecoin has become a popular cryptocurrency with an active community of developers, traders, and investors.
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
Bulgaria's Perperikon: A European Counterpart to Peru's Machu Picchu
Bulgarians Among EU's Least Frequent Vacationers, Struggling with Affordability