Tsvetelia's Feed
Oct 20, 2014

EU calls on Bulgaria to allow access to deposits at Corpbank

SOFIA, Oct 20 (Reuters) – The European Union’s banking
watchdog urged Bulgaria on Monday to give depositors access to
guaranteed funds at troubled Corporate Commercial Bank
(Corpbank) group from Oct. 21, saying current
restrictions were in breach of EU rules.

The European Banking Authority (EBA) opened an investigation
last month into Bulgaria’s central bank and its Deposit
Insurance Fund to assess whether they had broken EU rules, which
say depositors should be compensated within 25 days after their
accounts have become unavailable.

Oct 10, 2014

Bulgarian election winner seeks broad coalition to govern

SOFIA (Reuters) – The winner of Bulgaria’s election said on Friday he wanted to form a majority government, shifting tactics after last weekend’s vote produced a fractured result threatening his chances of becoming prime minister again.

Boiko Borisov, who led Bulgaria from 2009 to 2013, had initially said he was ready to head a minority government after his center-right GERB party won about a third of the vote on Sunday but fell 37 seats short of a majority.

Oct 8, 2014

Owner of Bulgaria’s Corpbank says willing to give up stake

SOFIA (Reuters) – The main shareholder of Bulgaria’s Corporate Commercial Bank (Corpbank) 6C9.BB said on Wednesday he was ready to give up his stake to save the lender, which was forced to shut in June after a run on deposits.

Businessman Tsvetan Vassilev owns 50.6 percent of Corpbank and is trying to rescue the Balkan state’s fourth-largest lender, despite being charged with embezzlement. He gave himself up to Serbian authorities after an international arrest warrant was issued and is awaiting the outcome of extradition proceedings launched by Bulgaria.

Oct 7, 2014

Bulgarian president warns against new elections

SOFIA, Oct 7 (Reuters) – Bulgaria’s president and business
leaders urged politicians on Tuesday to agree on a new
government and avoid another election after a weekend snap poll
delivered a messy result that raises the threat of further
instability in the Balkan nation.

The centre-right GERB party won Sunday’s election but fell
dozens of seats short of a majority, setting the stage for weeks
of difficult talks with potential allies to cobble together
Bulgaria’s fifth government in two years. One GERB official
warned of another vote by Christmas if the talks fail.

Oct 6, 2014

Bulgaria election winner ready to form minority government

SOFIA (Reuters) – The winner of Bulgaria’s general election said on Monday it was ready to form a minority government with the support of other parties, after a fractured result that threatens more instability in the Balkan country.

Led by a former bodyguard and karate expert, the centre-right GERB party won around a third of the vote but is likely to find itself dozens of seats short of a majority. That may leave Bulgaria, one of Europe’s poorest countries, with another shaky coalition struggling to solve a bank crisis and revive growth.

Oct 5, 2014

Rightist party seen winning Bulgaria’s “last chance” election

SOFIA (Reuters) – The centre right GERB party looked set to win Bulgaria’s “last chance” snap general election on Sunday but will fall short of a majority, a result that could mean another shaky coalition struggling to solve a bank crisis and revive growth.

GERB’s leader, a former bodyguard and karate expert, warned it would be difficult to form a government in light of the exit poll results, but added his party would hold internal discussions on Monday on how to proceed.

Oct 5, 2014

Crisis-hit Bulgaria votes in ‘last chance’ snap election

SOFIA (Reuters) – Bulgarians voted in a “last chance” snap general election on Sunday, a poll that could leave them with another shaky coalition struggling to solve a bank crisis and revive growth in the European Union’s poorest member state.

Led by a former bodyguard and karate expert, the center right GERB party is expected to win but fall short of a majority, which could spark a period of haggling with smaller parties and the opposition to shore up support.

Oct 5, 2014

Voting starts in Bulgaria’s snap election

SOFIA, Oct 5 (Reuters) – Bulgarians began voting in a snap
general election on Sunday, a poll that could leave them with
another shaky coalition struggling to solve a festering bank
crisis and revive growth in the European Union’s poorest member
state.

Led by a former bodyguard and karate expert, the centre
right GERB party is expected to win but fall short of a
majority, which could spark a period of haggling with smaller
parties and the opposition to shore up support.

Oct 4, 2014

Fed-up Bulgarian voters may fail to end political deadlock

SOFIA (Reuters) – Bulgarian voters fed up with political deadlock may end up with another shaky coalition after a snap election on Sunday, leaving the European Union’s poorest member struggling to resolve a banking crisis and revive growth.

Led by a former bodyguard and karate expert, the center right GERB party is expected to win but fall short of a majority, which could spark a period of haggling with smaller parties and the opposition to shore up support.

Oct 2, 2014

Blasts kill 15 people at Bulgaria explosives plant

SOFIA/GORNI LOM Bulgaria (Reuters) – A series of powerful blasts at a Bulgarian explosives plant killed 15 workers and injured three others on Wednesday night, officials said on Thursday.

The government announced a day of national mourning for the victims of the accident, which came just two months after officials had warned of serious safety breaches at the factory in northwestern Bulgaria, near the Serbian border.