Bulgaria 'Missed Chance for Eurozone' – Former FinMin Simeon Djankov

Bulgaria was almost ready to join the Eurozone, former Finance Minister Simeon Djankov said.

It now lags "behind Romania and Lavtia" in its way to the euro despite leading on them before and will need five or six years to catch up, Djankov, who had the finance portfolio (2009-2013), argued.

In an interview with public broadcaster BNT, he stressed a new structure was needed at the EU Commission to withstand any kinds of forthcoming crises.

He also hailed Jean-Claude Juncker, poised to head the Commission, as “active, attentive.. a friend of Bulgaria,” stressing it was Sofia's interest that he should assume the office.

Djankov downplayed claims of a bank crisis in Bulgaria following runs on FIBank and KTB, saying there was rather “a short-term crisis of confidence... in the political class,” with politicians fighting each other to show dominance and banks were among structures affected by the process. He called for a change of “old faces” in politics.

Commenting on the decision of Russian VTB (where he recently joined the Supervisory Council) not to purchase troubled Bulgarian KTB, he reminded his company was largely an investment bank and acquiring a commercial one was not “a typical” move.