Bulgaria abandons Eurozone plans

10:09 • 04.09.12



Bulgaria has abandoned plans to adopt the single currency in response to deteriorating economic conditions and rising uncertainty over the prospects of the European Union, the Wall Street Journal reported, citing the country’s finance minister.


The EU's poorest member became the latest country to cool its enthusiasm for joining the euro zone - a longtime strategic aim of successive governments in the Balkan state.


Bulgaria is also one of EU's least indebted members and is trying to stick to tight fiscal discipline to avoid risks to the lev currency, which is pegged to the euro.


"Right now, I don't see any benefits of entering the euro zone, only costs," Djankov said in an interview with the Wall Street Journal.


"It's too risky for us and it's also not certain what the rules are and what are they likely to be in one year or two."


Djankov added that he still expects Bulgaria's economy to expand by around 1.5 percent in 2012.


However, he warned that the euro zone could face up to five years with "zero growth" if the European countries' leaders continue to mull policy responses to the crisis instead of fully backing Germany's call to continue strict fiscal consolidation.


Bulgaria's finance ministry was not immediately available for comment.
 

Armenian News - Tert.am





LATEST NEWSAll Today news

16:46 • 22/11

Bodies of downed Armenian copter's crew returned to families

16:34 • 22/11

Armenian DM pledges retaliation to Azerbaijan

16:14 • 22/11

Karabakh military unveils video of downed copter crew recovery

16:08 • 22/11

Armenian military always ready to rebuff Azerbaijanis– Yerkrapah leader

15:22 • 22/11

Cadillac unveils the 600hp ATS-V.R.

15:13 • 22/11

MI-24 crew recovery internationally praiseworthy act to silence enemy

14:12 • 22/11

This is blow to Azerbaijan’s military leadership – Armenian expert on MI-24 crew return

13:36 • 22/11

Karabakh president posthumously awards MI-24 crewmembers

13:20 • 22/11

Bodies returned! Eternal glory to our guys – David Sanasaryan

12:54 • 22/11

Recovery of MI-24 crew brilliantly planned operation – analyst

12:45 • 22/11

Genocide recognition by Turkish ‘leftists’ positive step - Armenian expert

12:05 • 22/11

Google launches subscription service to replace revenue online

11:50 • 22/11

Kenya bus attack leaves 28 dead near Somali border

11:45 • 22/11

Zhoghovurd: Bread production down in Armenia

11:28 • 22/11

Karabakh military forced to take special operations: MI-24 crash bodies pulled out

11:11 • 22/11

Assange welcome to stay in Ecuador

11:08 • 22/11

Haykakan Zhamanak: ICANN to register new Armenian domain

10:47 • 22/11

Obama extends US role in Afghan combat

10:35 • 22/11

Armenia’s retaliation: Two reported dead in Azerbaijan

10:10 • 22/11

Iran nuke talks enter final days before deadline



ArmeniaRegionPress digestWorldBusinessEventScience/techCultureSportsLifestyle