Brussels to Delay Cash Injection for Bulgaria over Money Woes - Report

Bulgaria in EU | February 6, 2014, Thursday // 11:43|  views

EC President Jose Barroso is pictured here speaking at the start of the conference on `The Blueprint for a deep and genuine EMU: Debating the future economic, monetary, banking and political union`, in Brussels, 7 May 2013. Photo by EPA/BGNES

The European Commission will delay cash injections for Bulgaria under the new operative programs due to financial woes, according to unconfirmed reports.

The European Commission fears that the payment of all legitimate bills for this and next year will put its budget in the red, Standard daily reported, citing sources.

Bulgaria is about to receive EUR 7 billion in 2014-2015 to fund already approved projects.

The payments will start no earlier than 2015, the source added.

The European Commission admitted for the first time to grave financial problems at the end of October last year.

Back then the European Union voted through EUR 2.7 B in new cash contributions from national treasuries after senior officials warned of the threat of chaos and unpaid EU bills.

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Tags: Jose Manuel Barroso, European Commission, Democratic, EU, EC, European Union, Martin Schulz, European parliament, European Union


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