Bulgarian PM: Always Better to Save a Systematically Important Bank

Politics » DOMESTIC | July 21, 2014, Monday // 13:36
Bulgaria: Bulgarian PM: Always Better to Save a Systematically Important Bank Bulgaria's Prime Minister Plamen Oresharski is due to step down this week. Photo by BGNES

It is always better to save a systematically important bank than to close it down, Bulgaria's Prime Minister Plamen Oresharski commented on the events at KTB.

In an interview with Bulgarian daily Standart, Oresharski, who has been Minister of Finance in two previous governments, argued the funds needed to shut down the Corporate Commercial Bank (KTB) would exceed estimates so far.

"I keep thinking that the scheme to close the bank is the most expensive among all scenarios," he was quoted as saying.

Confirming previously declared intentions, Oresharski told the paper he would not participate in a caretaker or elected government after stepping down.

He earlier rejected categorically the idea that he could seek to continue his political career, but would return to the academic field instead.

In the interview, he explained he had "private plans" which would keep him away from politics.

He is "optimistic" about the future of Bulgaria, but is worried about confrontation which has become "an end in itself" and and delays Bulgaria's development.

Bulgaria's Prime Minister believes that the cabinet managed to work in an integrational, rather than in a confrontational way.

He described the position that he has held for 14 months now and that he is to renounce this week as "mostly an honor and responsibility".

Regarding debates over the Bulgarian proposal for an EU Commissioner to take over from Kristalina Georgieva at the bloc's executive body, he said Bulgaria "could not have a clear candidacy" due to the ongoing political confrontation.

The head of government also reminded that most EU member states had not yet raised a nomination.

He was firm he would throw his support behind "any Bulgarian candidate" to become the next EU foreign policy chief, regardless of their party affiliation.

Last week Oresharski announced at a Brussels summit, which was to determine who will head the EU's diplomatic service, he would back Kristalina Georgieva as a candidate, after she had been described as a "consensus" option in a number of media outlets.

Ruling Bulgarian Socialist Party (of which right-leaning Oresharski is not a member), however, has refused to stand behind his move, hinting it might propose Foreign Minister Kristian Vigenin as a Commissioner.

Plamen Oresharski and the socialist-liberal government are expected to step down later this week, with Parliament Speaker Mihail Mikov saying lawmakers would be ready to vote the resignation on Wednesday.

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Tags: Plamen Oresharski, Kristalina Georgieva, Bulgarian Socialist Party, Kristian Vigenin, KTB, Corporate Commercial Bank, KTB, Mihail Mikov, EU foreign policy chief, EU Commissioner
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