Sat, Feb 11 2012
"Land in Bulgaria will become more expensive and the property market will suffer a crisis," following the US financial market meltdown, economist Vladimir Karolev said on the morning show of private broadcaster Nova Television. There will not be significant collapses at the stock exchange and there are no indications of bankruptcies of Bulgarian banks, he said.
The Cabinet's policy of keeping a high budget surplus is correct, State Administration Minister Nikolai Vassilev told Nova Television. This policy formed part of measures to counteract the financial crisis.
Financial expert Kolyo Paramov also commented on conditions facing the country's financial sector on the Nova morning show. Bankruptcies are expected in the real estate and construction sector," he said. According to Paramov, the big budget surplus was a mistake. The risks were bad income policy, lack of "fresh" money in the households and low purchasing power.
"Bulgaria has sufficient grounds to make Russia start negotiating on gas prices, Democrats for a Strong Bulgaria (DSB) leader Ivan Kostov told Nova. The cause of the energy crisis lay in the re-negotiated terms of the contract with Russia and the low purchasing power of Bulgarians, he said. "DSB had been insisting on re-consideration of strategic decisions for the Bulgarian economy for a long time," Kostov said. "The Cabinet should demand re-negotiation. The least it could do is demand a postponement of gas price increases," he said.
Bulgaria will suffer secondary consequences from the financial crisis in the US, municipal councillor from the Bulgarian Socialist Party Georgi Kadiev told private broadcaster bTV. It would be hard for those banks owned by western European banks to make more money and so they would start collecting resource from the Bulgarian market, increasing the deposit interests, which would lead to an increase in credit interest rates. People should not take out loans unless they were imperative, Kadiev said.
Works will be reviewed by a group of judges, and winners will receive certificates and prizes.
Seven arrested, including ‘The Squirrel’ who was found in possession of 10 00 euro, Interior Ministry says. Mobile phones, computer equipment and drug paraphernalia seized.
Maximum temperatures across the country will remain mostly below zero.
The first tremor was at about 12.34am, followed by another three minutes later. Their epicentres were located between the towns of Radnevo and Topolovgrad.
There was no risk of blackouts caused by insufficient power supply, Economy Minister Traicho Traikov told Bulgarian National Radio.