Bulgaria's Former Ruling Party GERB Predicts Financial Catastrophe

Politics » DOMESTIC | February 2, 2014, Sunday // 17:12| Views: | Comments: 9
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Bulgaria: Bulgaria's Former Ruling Party GERB Predicts Financial Catastrophe Boyko Borisov, former Bulgarian Prime Minister and leader of center-right party GERB (Citizens for European Development of Bulgaria), photo by BGNES

Center-right party GERB has leveled strong criticisms against the financial policy of the socialist-led coalition government, predicting a catastrophe in 2015.

Speaking Sunday at a press conference, Boyko Borisov, former Prime Minister and leader of GERB (Citizens for European Development of Bulgaria), expressed serious concern over the financial situation, stressing that the revenue agencies had failed to collect around BGN 500 M in 2013 despite the budget update.

"If this government stays, it will update the 2014 budget with new loans and debt and the state will collapse in 2015 and then they will be accomplices in this crash," Borisov stated, according to reports of Sega daily.

Borisov said he was not interested in the drama unfolding at the Bulgarian Socialist Party (BSP) after the announcement of a parallel list of candidates for the 2014 European Parliament elections of the ABV Movement of former BSP Chair and two-term President Georgi Parvanov.

He claimed that BSP and the ABV Movement would join forces in the case of early elections, meaning that things would remain unchanged.

Bulgaria's former Prime Minister argued that the current government was slowly undoing the achievements of the GERB government.

He claimed that it was the budget hole of BGN 1.5 B that mattered, rather than relations between BSP and the ABV Movement.

Borisov, as cited by Darik radio, insisted that the supporters of the socialist-led Cabinet of Prime Minister Plamen Oresharski were accomplices in the ongoing catastrophe.

Citing the report of the Finance Ministry on the implementation of State Budget 2013, GERB MP Menda Stoyanova claimed that the data did not agree with the government's measures aimed at increasing investments and achieving a re-industrialization.

Stoyanova drew attention to underperformance on the revenue side of the budget and in the segment of capital spending.

She suggested that the government was failing to control running costs, adding that the Cabinet would have to boost revenue collection by BGN 2 B in a year, which was an impossible target, and would most probably resort to a budget update.

GERB MP and former Deputy Finance Minister Vladislav Goranov pointed out that receipts from excise duty had remained unchanged in 2013, implying that the results were due to fraud.

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Tags: Boyko Borisov, Former Prime Minister, GERB, Citizens for European Development of Bulgaria, Bulgarian Socialist Party, Socialist-led government, State budget 2014, Menda Stoyanova, Vladislav Goranov, GERB government
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» To the forumComments (9)
George Zheliazkov - 4 Feb 2014 // 07:05:28

Listen stupid “Ahmed” bitch,
Stop using that turk nickname slut.
You are making that lowlife Dogan famous again.
The moron is back all over the news again talking politics!
As far as the emerging markets are concerned, your western friends don’t waste any time…


and about revolutionary and restless “silly” Ukraine with all the turmoil and demonstations….

“Moody's has downgraded Ukraine's sovereign debt rating a notch, citing the country's escalating political crisis, AFP reported. As concerns also grow about whether Kiev will continue to receive Russian financial support, Moody's cut Ukraine’s rating to Caa2 from Caa1. The country was put on “negative outlook,” signaling it could be downgraded again in the medium term. The escalation and increasingly violent nature of the crisis in Kiev is the first driver for the downgrade, Moody’s Investors Service said. “

I’d say keep on demonstrating till you die from hunger….

peacebaby - 4 Feb 2014 // 00:56:51

What did you not understand from:

"The people were so hopeless they started setting themselves on fire!"

Ahmed Dogan - 3 Feb 2014 // 20:00:07

George is right yet again. Bulgaria should immediately resign from the EU and instead trade exclusively with those bastions of democracy he so admires such as China, Syria, Afghanistan, Zimbabwe and North Korea. As George recommends, maybe Bulgaria should apply to be absorbed into a greater Turkey, the home of his ancestors?

je suis anglais - 3 Feb 2014 // 10:29:49

But George - you seem to beleive Boyko is responsible for the appalling business climate, the corruption, the clear theft of funding by oligarchic concerns.

You are right that China will not invest in Bulgaria due to all of these problems, but it's the current mob in charge who are responsible. Boyko was not much better, but he was better.

The only way forward is for young, idealistic, untainted individuals to get involved in politics - but of couse the old guard will never let that happen - can't push the huge, obese piggies away from the trough.

George Zheliazkov - 3 Feb 2014 // 05:50:42

Just to reiterate the obvious one last time.
With too much “democratic” friction, smearing campaigns, demonstrations, government changes and instability obviously the investment money will not go to countries like Ukraine and Bulgaria
Needles to even mention Boyko’s grave “Financial Catastrophe “ predictions which will scare all investments away…..

Well take a look where the investments go:



and here,


and here,


and here,


and here,


you get the point……

peacebaby - 3 Feb 2014 // 02:05:12

"The people were so hopeless they started setting themselves on fire!"

Says it all.

George Zheliazkov - 2 Feb 2014 // 18:52:39

Listen you Bulgarian Ahmed oxymoron,

STOP using that deadbeat nickname of that turkish crook Dogan!
He is a criminal!

Money is the root of all evil, and more specifically the lack of it!
The faster Bulgaria becomes more prosperous the more democratic the country will become!
Democracy by itself is cumbersome, volatile and uncertain which doesn’t easily lead fast to financial prosperity!

Ahmed Dogan - 2 Feb 2014 // 18:39:28

George is right once again when he says that what Bulgaria needs is to turn its back on the West and instead adopt a totalitarian regime modelled on both radical islam and communism - that is the ONLY way forward. Bravo Gosho!

George Zheliazkov - 2 Feb 2014 // 18:28:22

Boyko how dare you even have the nastiness to talk again. You had the perfect opportunity to fix the country and all you did is running it into the ground. You betrayed your own countrymen and destroyed the economy by your groundless and thoughtless cuts and austerities! The people were so hopeless they started setting themselves on fire! Things have never been so bad during the Bulgarian history like they were during the GERB reign. (the western marionette government installed in Bulgaria)

JOBS and prosperity were needed dumbo and NOT austerity!
Cooperation, diversity, flexibility, tolerance and TRADE with all countries were needed and NOT only with the EU and the West! No time and place for negative ideological dogmas and polarization in a country with the market size of Bulgaria!

Stop the destabilization and the smearing campaigns! You are continuing to ruin the economy!
Investments and business like STABILITY and PREDICTABILITY!
Bulgaria needs NEW political parties and STEADY change in government! (it’s useless to replace crooks with thieves, they are all criminals!)

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