Bulgaria PM: 3% Budget Deficit - No Talk of Eurozone Accession!

Domestic | November 26, 2009, Thursday // 20:33|  views

Bulgarian PM Boyko Borisove opened the Economic Forum, stating that discussion of joining the Eurozone was impossible with a state deficit budget. Photo by BGNES

Bulgarian Prime Minister Boyko Borisov has declared that, with a state budget deficit of 3%, there can be no discussion about joining the Eurozone.

The PM has opened the Bulgarian Economic Forum 2009 on Thursday. In his speech, he recommended that, after the Forum, the business sector and government should cooperate to come up with joint decisions about the economy.

Enlarging on the state of the budget, Borisov criticized the previous, socialist government, led by Sergey Stanishev.

"In the days when they [the socialists] talked of surplus, they should have paid their debts," he stated, adding that the present government will "have to pay BGN 132 M for last year, and BGN 25 M for this year".

The PM also referred to Russia, saying that the country continued to press Bulgaria for new commercial agreements.

Simeon Djankov, Deputy Prime Minister and Minister of Economy and Energy, who was also present at the opening, stated that Bulgaria should be a medium-rich country. For this to happen, he said, a balanced budget was the first requirement.

He added that, within a few years, Value Added Tax (VAT), would be reduced from the present rate of 20% to 18%.

The Bulgarian Economic Forum is an annual two-day event, attended by over 600 representatives of the state administration, businesses and NGOs.

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Tags: Bulgarian Economic Forum, Boyko Borisov, Simeon Djankov, Eurozone, budget deficit, Sergey Stansishev, VAT

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