Bulgaria is Well Prepared for Greek Bank Crisis, Foreign Minister Mitov says

The Greek financial crisis will not have severe consequences for the Bulgarian financial sector and business, as stated by the Bulgarian Foreign Minister Daniel Mitov Tuesday in an interview for the Bulgarian National Television.

‘’Greece is extremely important for us as a neighboring and friendly country,’’ he said. ‘’ We all hope that a reasonable solution will be found, but the debt can not be repaid with a referendum.’’

In his words, Bulgaria is well prepared in case of a crisis. Business have redirected, big Greek investments have been rebranded while the Bulgarian government has undertaken a number of measures in order to ensure the financial stability of the banking sector.

The Bulgarian National Bank has stated that the Greek-owned Alpha Bank that also has operational facilities in Bulgaria is functioning normally, Dnevnik daily reported.

Two other banks in Bulgaria have Greek headquarters – the United Bulgarian Bank and Piraeos Bank. Postal Bank is a part of the Eurobank Group, however, 64.6% of its stocks are owned by US and Canadian investment funds. All four of them have been obliged by BNB to reduce to a minimum their exposure to Greek assets.

‘’We want to see the Eurozone whole and stable, it is important for Greece to remain a part of it and to overcome the tough period of debt crisis,’’ Mitov added.

Asked whether Bulgaria is well prepared in case of a possible Grexit, Mitov replied that this scenario is well planned, but the bigger hit will be felt in Greece.

He added that he does not believe that the referendum will bring clarity on the road that Greece will be willing to take. 

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