Steve Hanke Reiterates Corruption Is Bulgaria's Achilles Heel

Johns Hopkins economist Steve Hanke is known as the "father" of the currency board in Bulgaria. Photo by BGNES

Bulgaria's number one problem is corruption, Johns Hopkins economist Steve Hanke, who designed the currency board in Bulgaria in the 1990s, has reiterated.

Speaking Thursday before the Bulgarian National Radio, he stated the West was overlooking important for Bulgarians issues.

Regarding the country's new Cabinet, led by Prime Minister, Plamen Oresharski, Hanke explained he did not know him in person, but stressed that in general it was good to have at the post a former finance minister and finance expert, who knows the rules of forming the State budget.

According to the Professor, it was assuaging that Bulgaria does not intend to remove the currency board.

In addition to corruption, Hanke listed two other top problems before Bulgaria – healthcare and the energy sector.

"Corruption is the huge problem here and the only way to reduce it is to cut on State expenditures and simplify government regulations, but I have not yet seen any plans of the new Cabinet in this direction," said he.

Hanke further noted that the country was doing close to nothing in the healthcare sector in implementing the much needed reforms.

He stressed reforms were also a must in the energy sector in order to turn it competitive.

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