Bulgaria Rightists Ecstatic after Ousting 'Hyperinflation' Expert

Domestic | February 1, 2010, Monday // 15:07|  views

Bulgaria's rightist Blue Coalition is happy with Paramov's withdrawal. DSB leader Ivan Kostov and UDF leader Martin Dimitrov are in the middle. Photo by BGNES

The rightist allies of Bulgaria’s ruling party GERB have welcome the news that Kolio Paramov has resigned as an economic adviser of PM Boyko Borisov.

Paramov was appointed on January 25, 2010, and when the news of that broke on Saturday, he was severely criticized for having been an agent of the communist State Security service, and for allegedly threatening the stability of the currency peg.

“We accept full responsibility for today’s success. Kolio Paramov is no longer going to be an advisor of the Prime Minister,” said Martin Dimitrov, leader of the Union of Democratic Forces, one of the two major partners in the Blue Coalition which in principle backs the Borisov government. The news was hailed by the Democrats for Strong Bulgaria party as well, the other pillar of the Blue Coalition.

“Such a specialist on hyperinflation has no place in the government, and I hope that the PM is going to look for new advisors from among the right-wing economists,” Dimitrov declared saying that Paramov was part of the team of Bulgarian National Bank in 1996-1997 when Bulgaria faced a hyperinflation crisis.

The DSB party has described Paramov as “one of the darkest figures of the Bulgarian banking sector.”

He also called Paramov one of the “leading left-wing economists” who wanted to devalue the Bulgarian currency lev from the currently pegged exchange rate at EUR 1 = BGN 2, to four levs for one euro.

“I would not be surprised if Jean Videnov gets invited to become an adviser,” Dimitrov referred to Bulgaria’s PM from the mid 1990s who is blamed for the national economic crisis in Bulgaria at the time. “It is great that we had such strong positions to stop this dangerous appointment,” he said.

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Tags: Kolio Paramov, GERB, Boyko Borisov, advisor, Blue Coalition, UDF, DSB, Martin Dimitrov, Jean Videnov

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