Bulgaria's Finance Minister: Financial Crisis Has Spread to Real Economy

Business | January 28, 2009, Wednesday // 00:00
Bulgaria Bulgaria's Finance Minister: Financial Crisis Has Spread to Real Sector: Bulgaria's Finance Minister: Financial Crisis Has Spread to Real Economy Bulgaria's Finance Minister Plamen Oresharski said Bulgaria had to stick with macroeconomic stability throughouot the crisis. Photo by Yuliana Nikolova (Sofia Photo Agency)

Bulgaria's Finance Minister Plamen Oresharski said on Wednesday that the effects of the global financial crisis had already affected Bulgaria's real economy.

During a conference entitled "The Hieroglyph of the Crisis Could Be Read as an Opportunity", the Finance Minister pointed out the crisis could have a positive effect by removing the inefficient companies and aiding economic restructuring.

In his words, the financial crisis is also going to lead to an improvement of the financial knowledge and interest among Bulgarian companies and households.

Oresharski compared the present financial crisis to the crisis in Bulgaria's banking and financial sector in the 1990s stressing the overcoming of the latter had brought to the country enormous economic growth. He predicted the same would happen after the present crisis was gone.

The Finance Minister did point out, however, that it was essential for Bulgaria to preserve its macroeconomic stability. In his words, European Commission's data showed, that unlike Bulgaria, several of the old EU member states are going to have large budget deficits because of the costly anti-crisis measures they have undertaken.

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Tags: Global Financial Crisis

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