Tsvetelia's Feed
Jan 15, 2015

Kerry pledges support to Bulgaria over energy supplies

SOFIA, Jan 15 (Reuters) – U.S. Secretary of State John Kerry
pledged to support Bulgaria’s efforts to wean itself off
dependence on Russian energy at the launch of an annual
strategic dialogue between the two NATO allies on Thursday.

Russia’s cancellation in December of a multi-billion-dollar
gas pipeline that would have benefited Bulgaria has highlighted
Sofia’s vulnerability to fallout from the West’s standoff with
Russia over Moscow’s role in the Ukraine crisis.

Jan 15, 2015

Kerry to give “big hug” to Paris after militant attacks

SOFIA (Reuters) – U.S. Secretary of State John Kerry said on Thursday his visit to France was to give a “big hug” to Paris after the deadly attack by Islamist gunmen on the satirical newspaper Charlie Hebdo.

President Barack Obama’s administration drew criticism from Republican opponents at home for not sending a senior figure to a unity march in the French capital following the shootings, and the White House later conceded that Washington should have sent a higher-level representative.

Jan 15, 2015

Kerry focus on energy, security, corruption in Bulgaria

SOFIA, Jan 15 (Reuters) – U.S. Secretary of State John Kerry
will encourage Bulgaria to rely less on Russian energy and to
tackle corruption on Thursday as the two NATO allies announced
the launch of an annual strategic dialogue.

The talks between the U.S. and Bulgarian foreign ministers,
whose focus will include security and energy, are intended to
demonstrate the U.S. commitment to helping Bulgaria resist
Russian influence.

Jan 13, 2015

Frenchman held in Bulgaria accused of several contacts with Paris killer – prosecutor

SOFIA (Reuters) – A French citizen detained in Bulgaria had allegedly been in contact several times with one of the two Islamist militants who shot dead 12 people at the offices of Paris newspaper Charlie Hebdo, a Bulgarian prosecutor told Reuters on Tuesday.

Fritz-Joly Joachin was detained by Bulgarian police at a border checkpoint as he tried to cross into Turkey in the early hours of Jan. 1, under a European arrest warrant that alleged he had abducted his three-year-old son – an accusation he denies.

Dec 18, 2014

Bulgarian regulator points to lapses in KPMG’s Corpbank audits

SOFIA, Dec 18 (Reuters) – A Bulgarian regulator said it had
found “significant gaps and inconsistencies” in the way KPMG
audited the books of troubled lender Corporate Commercial Bank
, putting renewed scrutiny on the country’s financial

Majority-owned by a Bulgarian businessman who was later
charged with embezzlement, Corpbank was hit by a bank run in
June that triggered the Balkan country’s worst financial crisis
since the 1990s and raised concerns about banking supervision.

Dec 4, 2014

Fed-up Bulgarians get access to deposits at Corpbank

SOFIA, Dec 4 (Reuters) – Bulgarians began withdrawing
deposits at Corporate Commercial Bank on Thursday, more
than five months after a run on the country’s fourth-largest
lender triggered a banking crisis that left authorities
scrambling to restore trust.

Majority-owned by a local tycoon who was subsequently
charged with embezzlement, Corpbank saw more than a fifth of
deposits drain away in a week-long bank run in June, prompting
the central bank to seize control and shut it down.

Dec 2, 2014

Sinking of Kremlin gas project leaves south-east Europe high and dry

PRAGUE/SOFIA, Dec 2 (Reuters) – The European Union’s
diplomatic victory in forcing the Kremlin to cancel its South
Stream pipeline also gives Brussels a headache: how to come up
with an alternative source of secure gas supply for
south-eastern Europe.

Though it became politically toxic after the crisis in
Ukraine, the pipeline made sense for countries such as Serbia,
Bulgaria and Hungary because it offered a supply of gas that did
not pass through Ukraine and so was at less risk of disruption.

Nov 18, 2014

Bulgaria to raise 1.3 bln euros in foreign debt this year: sources

SOFIA, Nov 18 (Reuters) – Bulgaria wants to raise about 1.3
billion euros ($1.6 billion) in bridge financing from foreign
banks by the end of the year, to be refinanced by global bonds
in 2015, three sources familiar with the plans told Reuters.

The Balkan country, one of EU’s least indebted members,
needs to raise 4.5 billion levs ($2.9 billion) in 2014 to plug
its budget gap and prop up the banking system after the collapse
of Corporate Commercial Bank.

Nov 11, 2014

Don’t put years of progress at risk, IMF urges Romania

SOFIA (Reuters) – The International Monetary Fund urged Romania on Tuesday not to put at risk years of progress in getting its spending under control, as Prime Minister Victor Ponta’s government looks set to exit an aid deal next year.

The IMF came to Romania’s rescue in 2009 when the eastern European country endured a painful recession, nudging it to cut its fiscal deficit and implement reforms in a series of deals that restored credibility with investors.

Nov 6, 2014

Bulgaria lets Corpbank fail, faces clean-up bill

SOFIA, Nov 6 (Reuters) – Bulgaria’s central bank has
stripped Corporate Commercial Bank of its operating licence and
asked a court to open insolvency proceedings, snuffing out hopes
of a rescue for the country’s No.4 lender and leaving the state
with a costly clean-up bill.

Corpbank was hit by a run on deposits in June after
reports of murky dealings, sparking the eastern European
country’s worst financial crisis since the 1990s.