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Jul 27, 2014

Bulgaria’s Socialists pick new leader as election looms

SOFIA (Reuters) – Bulgaria’s scandal-tainted Socialist Party (BSP) picked a new leader on Sunday with the task of winning back disaffected voters before an early parliamentary election set for October 5 in the European Union’s poorest member state.

The new chairman, Mihail Mikov, was the speaker of Bulgaria’s parliament during the outgoing Socialist-led coalition, which lasted barely a year before resigning after the BSP’s poor performance in European Parliament elections in May.

Jul 24, 2014

Bulgarian lawmakers pave way for election with bank crisis unresolved

SOFIA (Reuters) – Bulgarian lawmakers voted overwhelmingly to accept Prime Minister Plamen Oresharski’s resignation on Thursday, paving the way for an interim government to take over in August and a snap election in early October.

Oresharski’s departure leaves his successor to sort out the Balkan state’s worst banking crisis since the 1990s, with the fate of its fourth largest lender undecided. Bulgaria’s credit default swaps rose on Thursday to their highest level since July 4, according to Markit, the financial information services company, as investors sought insurance against losses.

Jul 24, 2014

Bulgarian lawmakers vote to accept government’s resignation

SOFIA, July 24 (Reuters) – Bulgarian lawmakers
overwhelmingly voted to accept Prime Minister Plamen
Oresharski’s resignation on Thursday, paving the way for an
interim government to take over in August and a snap election to
be held in early October.

In power for just over a year, Oresharski resigned on
Wednesday after a poor showing by his Socialist party in May’s
European elections. Those results had also led the Socialists’
junior coalition partner to withdraw its support.

Jul 23, 2014

Bulgaria’s prime minister resigns with bank crisis unresolved

SOFIA (Reuters) – Bulgaria’s Prime Minister Plamen Oresharski stood down on Wednesday, leaving his successor to sort out the Balkan state’s worst banking crisis since the 1990s with the fate of its fourth largest lender undecided.

Oresharski, in power for just over a year, had flagged his departure after the ruling Socialists’ poor showing in May’s European Parliament elections. His resignation paves the way for an interim government to take over in August and a general election in October.

Jul 23, 2014

Bulgaria’s technocrat prime minister resigns amid banking crisis

SOFIA (Reuters) – Bulgaria’s Prime Minister Plamen Oresharski stood down on Wednesday, leaving his successor to sort out the Balkan state’s worst banking crisis since the 1990s with the fate of its fourth largest lender undecided.

In power for just over a year, Oresharski’s government decided to bow out after the ruling Socialists’ poor showing in May’s European Parliament elections, paving the way for an interim government to take over in August and a general election in October.

Jun 30, 2014

Bulgaria’s bank crisis eases after Europe okays credit line

SOFIA (Reuters) – Bulgaria’s banking crisis eased on Monday with fewer depositors queueing to withdraw savings after leading politicians assured them that their cash was safe and the European Commission gave Sofia the green light to provide state aid to its lenders.

Bulgarians had flocked to branches of First Investment Bank 5F4.BB on Friday and withdrew 800 million levs (328.45 million pounds) after a run had shut down another big lender. The central bank said criminals had tried to disrupt the financial system.

Jun 30, 2014

Bulgarian depositors withdraw more savings as crisis simmers

SOFIA, June 30 (Reuters) – Dozens of depositors withdrew
savings from Bulgaria’s third biggest bank on Monday despite
assurances from the government and the European Union that their
money was safe after a similar run shut down another major
lender last week.

Bulgarian authorities have arrested four people suspected of
trying to destabilise the banking system in a concerted phone
and Internet campaign during a crisis that has thrown a
spotlight on weak economic governance in the EU’s poorest state.

Jun 29, 2014

President tells Bulgarians after bank runs: “Your money is safe”

SOFIA, June 29 (Reuters) – Bulgaria’s president reassured
citizens on Sunday that their savings were safe and fully
guaranteed by the state, in a message backed by the central bank
and main political parties following a run on two major banks.

The bank runs have stoked fears for the financial stability
of the European Union’s poorest member state and authorities are
keen to show Bulgarians they are fully in control of the
situation before banks reopen on Monday.

Jun 27, 2014

Bulgarian central bank says banking system under attack

SOFIA, June 27 (Reuters) – Bulgaria’s central bank warned on
Friday of a systematic attempt to destabilise the country
through attacks on the banking system and vowed to use
everything at its disposal to protect citizens’ savings.

Shares in Bulgarian banks fell sharply for a second day on
speculation that a run on deposits at the country’s
fourth-biggest bank, Corporate Commercial Bank (Corpbank)
, could spread to other lenders and shake Bulgaria’s
already weak economy and those of its neighbours.

Jun 26, 2014

Bulgarian bank shares tumble after ruling party MP comments

SOFIA, June 26 (Reuters) – Shares in Bulgarian banks fell
sharply on Thursday after a lawmaker from the ruling Socialist
Party said another lender could come under attack following a
run on the country’s fourth largest bank.

However, analysts said low turnover on the Sofia bourse had
exaggerated the price declines and Fitch rating agency said it
saw “limited” risk of serious banking sector contagion from the
crisis over Corporate Commercial Bank (Corpbank).

    • About Angel

      "I'm a sports correspondent based in Sofia. Alongside writing about Bulgarian sport I help the Sofia bureau by covering politics, economics and culture."
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