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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.

Jul 22, 2014

Exclusive: Bulgarian central bank governor ready to step down

SOFIA (Reuters) – Bulgaria’s central bank governor Ivan Iskrov is ready to step down if parliament agrees to appoint a successor, a spokesman for the bank said, adding that Iskrov has submitted a letter with this proposal to lawmakers.

In his letter, Iskrov said that he did not want the central bank to be subject to political attacks prior to an election due to be held in October, the spokesman said.

Jul 22, 2014

Bulgarian central bank governor ready to step down

SOFIA, July 22 (Reuters) – Bulgaria’s central bank governor
Ivan Iskrov is ready to step down if parliament agrees to
appoint a successor, a spokesman for the bank said, adding that
Iskrov has submitted a letter with this proposal to lawmakers.

In his letter, Iskrov said that he did not want the central
bank to be subject to political attacks prior to an election due
to be held in October, the spokesman said.

Jul 18, 2014

Bulgaria speaks to shareholder Oman about Corpbank rescue

SOFIA, July 18 (Reuters) – Bulgaria’s finance minister spoke
to the head of Oman’s sovereign wealth fund on Friday about help
for Corporate Commercial Bank and said the government now hoped
to engineer a private rescue rather than a state bailout of the
failing bank.

Corpbank, was forced into the control of Bulgaria’s
central bank in June after depositors unnerved by reports of
shady deals by the bank’s main owner withdrew more than a fifth
of its total deposits. A subsequent audit showed activities at
the bank “incompatible with the law and good banking practices”
according to the central bank.

Jul 17, 2014

Bulgarian lawmakers reject debt proposals for bank rescue

SOFIA, July 17 (Reuters) – Three Bulgarian parliament
commissions on Thursday rejected proposals to raise new debt of
up to 3.4 billion levs ($2.35 billion), blocking government
efforts to sort out the country’s worst banking crisis since the
1990s.

Prime Minister Plamen Oresharski’s technocrat government,
which is due to step down next week, had proposed raising the
debt to help rescue Corporate Commercial Bank (Corpbank)
, which shut down following a run on deposits in June.

Jul 16, 2014

Bulgaria to raise new debt after bank runs, tax shortfall: minister

SOFIA, July 16 (Reuters) – Bulgaria could raise up to 3.4
billion levs ($2.4 billion) of new debt, partly to help finance
a bank rescue, piling pressure on a budget deficit that is
expected to widen to 2.7 percent of economic output, the finance
minister said.

Some 2.7 billion levs of the new debt could go towards
rescuing Corporate Commercial Bank (Corpbank),
Bulgaria’s fourth largest lender, which has shut since June 20.

Jul 15, 2014

Bulgaria starts talks about European supervision of its banks after latest crisis

SOFIA, July 15 (Reuters) – Bulgaria’s central bank has begun
talks with the European Banking Authority about conducting a
review of the quality of its banking supervision, it said on
Tuesday, following runs on two lenders in June.

The Bulgarian National Bank has also been in touch with the
European Central Bank (ECB) about joining the European Single
Supervisory Mechanism (SSM), it said in a statement.