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Bulgaria resuscitates plans to apply for ERM-2 entry

Thu, Nov 18 2010 09:56 CET

byDnevnik.bg

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Bulgaria resuscitates plans to apply for ERM-2 entry

Photo: Nadezhda Chipeva

Bulgaria is renewing its efforts to enter the ERM-2 mechanism, the waiting room for adoption of the euro as its currency, several months after the country delayed its plans to apply for the mechanism because of the country's huge budget deficit in 2009 and the projected shortfall in its 2010 revised budget, Finance Minister Simeon Dyankov said.

Dyankov said that Bulgaria would be able to cut its budget gap below the three per cent euro adoption limit in the second half of 2011.

"Our willingness to accept the euro is strong as ever, and the best option is to enter the mechanism as soon as possible," he said.

Bulgaria could also resort to launching a bond on the international market in order to support its financials, which would be, however, lower than the one billion euro stipulated in the budget draft.

Source: Dnevnik.bg

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