Bulgaria’s Euro Transition: Opportunity for Growth Shadowed by Debt and Spending Concerns
Bulgaria is poised for a likely credit rating upgrade in the coming weeks, driven by its impending adoption of the euro
The Alternative for Bulgarian Revival (ABV) is demanding Finance Minister Vladislav Goranov's resignation, the party's deputy chair Rumen Petkov has said.
Petkov told private TV station NOVA that the reason has been the uncertainty around BGN 16 B of new debt which Goranov is convinced Bulgaria will need in the course of the next three years to finance its deficits and payments of foreign debt.
Parliament overwhelmingly approved the move on Wednesday, and ABV also voted yes, prompting its leader President (2002-2011) Georgi Parvanov to announce he would resign.
But Petkov said on Thursday the party could not accept his resignation.
He also told NOVA TV on Saturday that a "promise" of Goranov, under which the cabinet would seek a BGN 2 B reduction of the debt if Parliament ratifies it, has not been included in the final version of the ratification.
A number of parties in Parliament that had fervently opposed the deal changed their stance after the minister made his promise. ABV, which has a minister in the government, was among them.
On Thursday Parvanov said they had approved the deal "due to a lack of communication", since he had been and still was firmly against it.
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One of the most debated topics around Bulgaria’s upcoming transition from the lev to the euro is whether the country is giving up its sovereignty
Recent analysis by the financial portal "Moite pari" indicates that interest rates on bank deposits are starting to climb, particularly noticeable among smaller banks over the past year
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