Inside Bulgaria's Easter Celebrations: Traditions Passed Through Generations
Today marks the joyous celebration of Easter, one of the most significant holidays in the Orthodox Christian calendar.
Jean-Claude Trichet, President of the European Central bank, has urged all 16 members of the eurozone to slash their deficits by 2011.
He stated on Monday that budget deficits in countries using the Euro "should be reduced in 2011 at the latest, in some countries already in 2010, to preserve faith in state finances".
Trichet also called on banks to ease the credit crunch by making loans more readily available. "Banks must live up to their central role in providing credit to the economy," he said.
Currently, Greece has the largest amount of debt in the eurozone at an estimated EUR 300 B. The country has seen its sovereign credit rating go down in December due to spiralling public deficit and debt. The country’s public deficit is likely to rise to 12,7% of output for 2009, which far exceeds the limit of 3% for eurozone countries.
Germany is expected to take on an additional EUR 85,8 B in new debt, due to its recently approved budget for 2010. The government has said it will produce a major savings plan by mid-2010, aiming to reduce the structural deficit from 2011 by about EUR 10 B per year.
Finance Minister Simeon Djankov announced in December that Bulgaria would apply in March 2010 to join the exchange-rate mechanism, the two-year currency stability test prior to euro adoption, and would hope to switch to the common currency by 2013.
The Bulgarian state budget for 2009 is expected to show a deficit of less than 3%, thereby meeting the requirements of the European Council.
The Lev is already linked to the Euro by a currency board that keeps the Bulgarian currency at a rate of 1,9558 to the Euro.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Tragedy struck the Ukrainian port city of Odesa as Russia unleashed a devastating assault, claiming the lives of five people and leaving over 30 injured
Chinese President Xi Jinping is embarking on a six-day tour of Europe amidst escalating trade tensions with the European Union and concerns over China's support for Russia. The trip, Xi's first to the continent since 2019, includes visits to France, Serbi
During the World Economic Forum, United States Secretary of State Anthony Blinken raised concerns over Russia's unprecedented pace of weapon production, comparing it to historical records, including the Cold War era of the USSR.
A recent report by a group of Western insurers has shed light on Russia's ability to circumvent Western oil sanctions, revealing that measures aimed at capping Russian oil prices have proven ineffective and have inadvertently fueled a surge in gray zone a
The impending enforcement of the new mobilization law, slated to target all able-bodied men between the ages of 25 and 59, has instilled a sense of dread and desperation among Ukrainians
A devastating Russian rocket attack on an educational institution in the picturesque seaside park of Ukraine's Black Sea port, Odesa, has left a trail of destruction and claimed the lives of four individuals
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022