WSJ: Bulgaria's Euro Adoption in 2013 Tough Task

Bulgaria's government will formally apply to join the euro zone by the end of January, setting it on course to adopt the currency in 2013. Photo by EPA/BGNES

EU members' swelling debt burdens may end up foiling Bulgaria's aspirations to join the euro in three years, despite the country's budgetary rigor, the Wall Street Journal write in its latest issue.

The article points out that Bulgaria, which joined the EU in 2007, posted the smallest budget deficit among the 27 member states last year, according to the finance ministry. It is expected to be the only EU nation to balance its budget in 2010.

“Prime Minister Boyko Borisov, who has drawn international accolades for cutting spending while maintaining high levels of public support, says he fears Bulgaria's fiscal performance won't guarantee entry to the 16-nation euro zone”, the article says.

According to the author Joe Parkinson should Bulgaria outpace Poland in the race to the euro, that would raise eyebrows in Brussels and other European capitals where Bulgaria remains synonymous with corruption and organized crime.

FULL text of the article READ HERE

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!