Bulgaria's Banking Affair: Trust Sells, but Who's Buying?

Opinions |Author: Angel Petrov | July 1, 2014, Tuesday // 23:50|  views

Alongside the banks affair, any challenge could have triggered President Plevneliev (in the photo)'s decision to announce early elections. But the succession of events makes a different picture even out of the most unbiased report. Photo by BGNES

Three phrases related to Bulgaria’s banks have lately nailed my attention.

Friday: “You have to withdraw everything from First Investment [Bank] and KTB, well, generally from all banks, but these two are the most urgent one!” (a young woman at a bus stop)

Sunday: “Bulgaria's president has said he will dissolve parliament and appoint an interim government, amid concerns over the country's banking system.(BBC)

And Monday: “The queues in front of the First Investment Bank on Monday (30 June), although smaller than on Friday, were still numbering around 100 people.(EUObserver)

One might say the rumor and the two reports above are incomparable. But these three make a story. It’s perfectly clear: there is a threat to banks, President dissolves Parliament, around 100 people permanently line up in front of the FIB.

In reality, no bank failed, the interim government was planned beforehand, and on Monday only a few were waiting at the FIB branch near Novinite’s office in Sofia.

However, if one reads two or three pieces of information – well-intentioned as they can be – a different picture emerges: “Something wrong is happening. They’re hiding that banks are in trouble.”

Trust has never been in fashion.

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Tags: banks, interim government, FIB, KTB, BBC, EUObserver


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