Bulgarian PES Head: EU Right Wing Must End 'Mania for Cuts'

The President of the Party of European Socialists, leader of the Bulgarian Socialist Party, and former Prime Minister, Sergey Stanishev. Photo by BGNES

The right wing across the entire European Union must end its mania for savings, says the President of the Party of European Socialists, PES, Bulgaria's Sergey Stanishev.

Stanishev, who is also the leader of the Bulgarian Socialist Party, BSP, and former Prime Minister, has made the statement in an interview in the Spanish daily "Publico," on the occasion of the 38th Federal Congress of the Spanish Socialist Workers' Party.

In it, Stanishev points out Europeans had been forced into the conviction that cutting expenses and not investments is the only way out of the economic crisis. He explains that PES must show that it is an alternative to the current rule of the EU with proposing concrete measures to battle the crisis and to stimulate economic growth.

The Bulgarian Socialist Leader, for example, suggests the introduction of a tax on financial transactions, the use of bonds to fund projects, and calls for the use of all EU funds to counter youth unemployment, which had reached critical rates due to the incompetence of the EU right wing.

He labels the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union or the so-called EU Fiscal Pact a "noose that will choke investments and growth" over severe budget cuts and sanctions for countries that violate it.

Stanishev adds that Socialists will continue their fight to protect democratic values, which, he says, are currently being violated, pointing as example for the later the cabinet of Victor Orban in Hungary, of Emil Boc in Romania, and of Boyko Borisov in Bulgaria.

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