Bulgaria Scraps IBM Nanotechnology Center to Curb Spending

Finance Minister Djankov made it clear Bulgaria could not afford a nanotechnology center. Photo by BGNES

Bulgaria's planned nanotechnology center has fallen pray to the need to curb state expenditures.

The Bulgarian Finance Minister Simeon Djankov, said the state budget would save BGN 50 M from not launching the nanotechnology center as was previously planned.

The Bulgarian Finance Ministry and IBM Bulgaria signed a partnership agreement for the setting up of a nanotechnology center at the end of May 2009.

"With our lack of money, we cannot afford a nanotechnology center. We have a big problem because our state spending grew by 30% in the first half of 2009", Djankov said Wednesday adding that Bulgaria's main strategic goal was to join the Eurozone.

Djankov also announced that the much celebrated 15% decrease in the ministerial salaries that the former government approved in May 2009 did not in fact materialize since the former Ministers did receive the 15% in question in the form of bonuses.

 

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