Bulgarian Economist: The Euro Brings Opportunities, Not Guarantees
The adoption of the euro inevitably brings a degree of unease and uncertainty, much like the introduction of the currency board in the 1990s
Cyprus Finance Minister in Moscow for Talks
World | March 20, 2013, Wednesday // 07:55
- Tweet
Send to Kindle
Cypriots protest against EU bailout and plans for a levy on bank deposits. Photo by EPA/BGNES
Cyprus Finance Minister Michalis Sarris is set to be in Moscow for talks on Wednesday, hoping to negotiate a delay in the repayment of Russia's EUR 2.5 B loan.
Russia has also said it may reconsider the terms of the loan it made to Cyprus in 2011, which was separate from the proposed eurozone bailout.
Cypriot Finance Minister Michalis Sarris arrived in Moscow on Tuesday to see if the repayment on that loan could be delayed until 2020, and whether the interest rate could be reduced.
But any tax on bank accounts, even if mitigated by a loan from Russia, would still carry the risk of a serious flight of capital, according to commentators.
Russians account for about a third of all deposits in Cypriot banks, and Russian banks have lent heavily to businesses on the island.
The plan to tax bigger deposits at a higher rate has angered Russia.
Related Articles:
Loan Interest Rates to Stay Stable as Bulgaria Transitions to the Euro, Says Expert
Loan interest rates in Bulgaria are expected to stay stable even after the transition to the euro
From Cotton to Cash: How Euro Banknotes Are Produced Responsibly
Euro banknotes stand as a powerful symbol of European unity, with over 29 billion notes circulating across the continent, collectively worth more than €1.5 trillion
Trump: 'Putin’s Full of Bulls**t' - US President Signals Harder Line on Russia
U.S. President Donald Trump has publicly voiced his growing frustration with Vladimir Putin, accusing the Russian president of consistently delivering “a lot of bulls**t”
Small but Vocal Protest Against Euro Adoption Outside EC Building in Sofia
A protest opposing Bulgaria’s entry into the eurozone took place in central Sofia as the European Parliament was voting on the country’s accession to the single currency
Politics | July 8, 2025, Tuesday // 16:56
Political Reactions to Bulgaria’s Euro Adoption Highlight National Achievement and Future Challenges
Following Bulgaria’s successful vote for eurozone entry in both the European Parliament and the EU Council for Economic and Financial Affairs (ECOFIN), leading politicians and statesmen promptly expressed their congratulations and reflections on this hist
Politics | July 8, 2025, Tuesday // 15:41
Bulgarian Economist: No Country Has Faced Impoverishment After Joining the Eurozone
Prof. Valeri Dimitrov, economist and former chairman of the Court of Auditors, told Bulgarian National Radio that no country has experienced impoverishment after joining the eurozone
Trump: 'Putin’s Full of Bulls**t' - US President Signals Harder Line on Russia
U.S. President Donald Trump has publicly voiced his growing frustration with Vladimir Putin, accusing the Russian president of consistently delivering “a lot of bulls**t”
Bulgaria Loses Nothing by Joining the Eurozone, Says Former EU Commissioner
Bulgaria stands to lose nothing by joining the eurozone, according to Laszlo Andor, Secretary General of the Foundation for European Progressive Studies and former European Commissioner for Employment and Social Affairs
EUROZONE AT LAST: Bulgaria Secures Full Membership, Euro Becomes Official Currency in 2026
Bulgaria has officially joined the eurozone and will adopt the euro as its national currency on January 1, 2026
Ex-Ukrainian Defense Minister: War Will End Only with Putin’s Death
Former Ukrainian Defense Minister Oleksii Reznikov has said that Russia’s war against Ukraine will only truly end with the death or resignation of Vladimir Putin
European Parliament Approves Bulgaria’s Entry into the Eurozone - Final Step Awaits in Brussels
The European Parliament has given its approval for Bulgaria’s accession to the eurozone, marking a crucial milestone in the country’s integration into the common European currency area
