Unicredit Bankers Support Speedy Bulgaria Eurozone Entry

The Chief Economist at Unicredit Group, Marco Annunziata, has stated that Bulgaria should adopt the Euro as soon as possible.

Annunziata said that Bulgaria should adopt the Euro as soon as possible and under an operating currency board, which is an anchor of economic stability in the conditions of a widening global financial crisis, at a London conference dedicated to the accession of the Central and East European countries into the Eurozone and part of the annual meeting of the European Bank for Reconstruction and Development (EBRD), which ended Saturday.

"The sooner Bulgaria joins the Eurozone, the better. For quite some time now we have been coping with the disadvantages of the Lev being pegged to the Euro, and now we should spare no effort to adopt the common European currency as soon as possible, said Levon Hampartsumyan, CEO of UniCredit Bulbank, cited by Bulgarian daily newspaper Standart.

Meanwhile Bulgaria's UniCredit Bulbank and the European Bank for Reconstruction and Development signed an agreement for a EUR 50 m credit line, part of its funding for the "crisis-hit region". The credit line will fund small and medium-sized enterprises, whose turnover does not exceed EUR 50 M and who have no more than 249 employees.

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