Bulgarian Minister: Postponing entry into the Eurozone brings Serious Economic Losses

Politics | February 20, 2023, Monday // 08:56|  views

Atanas Pekanov

Postponing entry into the Eurozone brings serious damage and economic losses to Bulgaria.” Atanas Pekanov, the caretaker deputy prime minister and minister for management of European funds, said this on bTV. According to him, Bulgaria loses 300-400 million BGN per year because it is not in the Eurozone.

We refuse for our credit rating to be increased, respectively, to lower the interest rate on the national debt, which would save how much the budget pays for the national debt. When Croatia joined the Eurozone in the summer, its credit rating was raised by one or two notches. This reduced the interest on the national debt by 1% and led to savings. For Bulgaria, this would be savings, in view of the state debts taken, of about BGN 200-250 million per year,” explained Pekanov.

He pointed out that due to the postponement of the adoption of the euro, the interest rates for businesses do not decrease either, which leads to losses of BGN 50-60 million.

And one more thing very important to our fellow citizens abroad. Some of them are part of the ‘Vazrazhdane’ referendum against the euro, but they have to understand that they work, they get income in euros, their shops, their businesses get income in euros. They send some part of them to Bulgaria, which are exchanged. With each conversion of 1 euro, 1-2 cents are lost,” the deputy prime minister added. According to him, these losses amount to BGN 50 million.

"These are losses that we are causing ourselves with our reluctance and inaction to enter the Eurozone faster," said Atanas Pekanov. "The presumption that somehow we haven't done enough, I wouldn't accept it. I have put my name behind this cause and support Bulgaria's entry into the Eurozone," he said.

According to him, there are political formations that use false arguments against the euro as part of their election campaign.

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Tags: pekanov, Eurozone, Bulgaria, euro


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