Bulgaria Helps EU Fail IMF Bailout Target

The European Union failed to table its EUR 200 B target to the International Monetary Fund to use as bailout for financially troubled members of the eurozone.

EU member states, including all eurozone members, plus Denmark, the Czech Republic, Denmark and Sweden managed to gather some EUR 150 B for the rescue fund.

Bulgaria was among the few countries - including also the UK, Romania and Hungary - to choose to stay out of the measure.

"Bulgaria is not a party to the Treaty establishing the European Stability Mechanism and has no financial commitments in regard to it," said the Bulgarian Ministry of Finance in an statement.

It further clarified that Bulgaria's principled position is to "not participate in the financing of programmes to support financially undisciplined countries."

At the latest European Council, however, the Bulgarian government was among those who supported the creation of a deeper Fiscal Union, aka a Reinforced Economic Union within the EU.

The UK, in the person of PM David Cameron, vehemently opposed the measures, arguing it will curb Britain's sovereignty and adversely affect the financial services sector.

The Czech Republic, Hungary and Sweden agreed in principle to the new Fiscal Union rules, but said they need further time to negotiate specifics.