Bulgaria freezes plans to adopt the Euro
Bulgaria has decided to postpone indefinitely its long-held plans to adopt the Euro, Bulgarian PM Boyko Borisov and his Deputy, Finance Minister Simeon Djankov, have revealed.
In an interview for The Wall Street Journal, Borisov and Djankov explained that the decision came in response to deteriorating economic conditions and rising uncertainty over the prospects of the bloc, alongside a decisive shift of public opinion in Bulgaria, which is entering its third year of an austerity program.
«Right now, I don't see any benefits of entering the Eurozone, only costs,» Djankov said.
Borisov predicted a deepening divide in Europe, saying that many governments were not prepared to stomach the difficult decisions they have to take.
Thanks to its tight fiscal discipline, Sofia now satisfies all criteria to enter the European exchange-rate mechanism, the final stage before adopting the bloc's single currency.
Adopted from Novinite