Bulgarian President calls July 14 consultations on ‘financial situation’

Written by on July 11, 2014 in Bulgaria - Comments Off on Bulgarian President calls July 14 consultations on ‘financial situation’

Bulgarian President Rossen Plevneliev has scheduled consultations with parliamentary-represented parties and cabinet ministers on July 14 to discuss “the financial situation of the country.”

The list includes parliamentary floor leaders of political parties, Parliament Speaker Mihail Mikov, Prime Minister Plamen Oresharski, Deputy Prime Minister Zinaida Zlatanova, Finance Minister Petar Chobanov, Prosecutor-General Sotir Tsatsarov, Bulgarian National Bank (BNB) governor Ivan Iskrov and deputy central bank governor Kalin Hristov, according to a statement by Plevneliev’s office.

The participants will discuss “an analysis of the financial situation of the state and the necessary legislative measures to be undertaken by the 42nd National Assembly.”

Plevneliev’s office did not give further details, but the announcement comes on the same day that BNB made public the results of a review into the assets of Corporate Commercial Bank (CCB).

BNB said that it would repeal CCB’s licence and transfer the “healthy part” of the bank to its subsidiary, which would be recapitalised by the Bulgarian state. This would be done by a special law that Parliament will need to adopt before it is prorogued on August 6.

Finance Minister Petar Chobanov said that, depending on exact scenario, the bailout could include new debt and an increased Budget deficit – potentially pushing the deficit past the three per cent of gross domestic product threshold that, in turn, could prompt excessive deficit proceedings by the European Commission.

(Bulgarian Presidency building. Photo: Clive Leviev-Sawyer)

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