Someone is Abusing Weak Government to Destabilize Bulgaria’s Banks

Opinions |Author: Ivaylo Lakov | June 27, 2014, Friday // 14:36|  views

Bulgarian National Bank. Photo by BGNES

We have already seen this situation with the banks before, when there was mass psychosis, people rushing to pull out their savings, and the Lev spiraling into hyperinflation.

For this reason, Bulgarians are extremely sensitive to rumors of bankruptcy, which spread quickly. This is why a currency board was put in place in 1997. Today, however, we are better prepared.

The Bulgarian government is weak, and somebody has decided to abuse this power vacuum for personal gains, by hitting at the banks. Whoever this is, they will not succeed.

We are a small nation, and sooner or later the truth will emerge. Luckily, we are also part of the European Union and under a currency board, so parallels with 1996 are groundless. The state has enough financial resources to deal with the situation. Furthermore, most of the banks are in the ownership of giant European financial groups, and cannot be easily shaken.

Everything will come back into place once there is a more stable government. So, honorable politicians, come out and quickly propose a roadmap for the immediate future, for a caretaker government and a date for early elections. This way, you will weaken the leverage of the ill-wishers.

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Tags: currency board, European Union, early elections


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