Tsvetelia's Feed
Jun 29, 2015

Greece’s neighbours feel ripples from bank crisis in Athens

SOFIA/SKOPJE, June 29 (Reuters) – A Greek-owned bank in
Bulgaria said on Monday it saw a slight increase in depositors
moving money to other banks, a first rumbling of the debt crisis
in Athens making itself felt in Greece’s ex-Communist

Millions of people in Bulgaria, Macedonia, Albania, Serbia
and Romania have deposits in banks owned by Greek lenders,
putting this corner of south-eastern Europe in the frontline if
the Greek crisis spreads.

Jun 18, 2015

Four candidates to compete for Bulgaria central bank head

SOFIA, June 18 (Reuters) – Four candidates will compete to
become Bulgaria’s central bank governor, the parliamentary
website showed on Thursday, in a vote which lawmakers hope will
restore trust after the collapse of the country’s fourth largest
bank last year.

The search for a new governor, which has been led by
parliamentarians, follows the collapse of Corporate Commercial
Bank (Corpbank) that triggered the biggest banking
crisis in the country since 1990s.

Jun 10, 2015

U.S. contractors in Bulgaria blast were working on Syria contract: embassy

SOFIA (Reuters) – The U.S. government contractors caught in a blast at a firing range in Bulgaria last week were working on a U.S. military program to train and equip moderate rebels in Syria, the U.S. embassy in Sofia said on Wednesday.

One American contractor was killed and two more were injured when a rocket-propelled grenade malfunctioned at a military range near the village of Anevo on Saturday. Two Bulgarians were also injured in the explosion.

Jun 4, 2015

Bulgaria central bank accuses lawmakers of pressure tactics

SOFIA, June 4 (Reuters) – Bulgaria’s central bank on
Thursday rejected a statement over a supposed resignation date
for its governor as an attempt by lawmakers to exert pressure on
the institution, the latest in a series of clashes between the
central bank and parliament.

The head of the Balkan country’s parliamentary budget
commission Menda Stoyanova told local media that Governor Ivan
Iskrov had promised to step down on June 19. She joked she would
“beat up” Iskrov if he did not do so, as he had promised to
resign several times since a banking crisis erupted last year.

Jun 3, 2015

Bulgaria eyes referendum on voting rules to build trust

SOFIA (Reuters) – Bulgaria’s president on Wednesday proposed a referendum on voting rules to try to restore public trust in the Balkan country’s politicians after years of instability and scandals.

The referendum, which if approved would be held alongside local elections in late October, would ask voters to choose whether they want to elect some lawmakers directly rather than from party lists, whether to make voting compulsory and whether to allow electronic voting.

May 20, 2015

Clock ticking for Bulgarian bank checks, lenders warn

SOFIA, May 20 (Reuters) – Bulgaria must speed up
preparations for an asset quality review (AQR) of its banks
planned for the first quarter of next year to restore trust
after a 2014 banking crisis, lenders warned on Wednesday.

The Balkan country has pledged to assess its 28 banks and
aims to join Europe’s banking union following the collapse of
its fourth largest lender, Corporate Commercial Bank
(Corpbank), after a run on deposits last year.

May 19, 2015

Russia not coordinating oil policy with OPEC-Lukoil

SOFIA, May 19 (Reuters) – Russia is not coordinating its oil
policy with OPEC, the chief executive of Lukoil, the country’s
second biggest oil producer, said on Tuesday.

Some producers in the Organization of the Petroleum
Exporting Countries, keen to preserve their market share, have
said they would only consider cutting output to defend oil
prices if others outside the group did so too.

May 11, 2015

Bulgarian central bank officials probed over Corpbank activities

SOFIA, May 11 (Reuters) – Bulgarian prosecutors have
launched an investigation into two central bank officials
suspected of deliberate mismanagement as they took over the
running of insolvent lender Corporate Commercial Bank (Corpbank)
in November.

The investigation is the latest in a string that opened in
the aftermath of Corpbank’s collapse last June, which also
include probes into the activities of top central bank
officials, the bank’s main shareholder and its auditors.

May 10, 2015

Amid protests and plunder, Bulgaria aims to bring trains up to speed

DOBRINISHTE, Bulgaria, May 10 (Reuters) – The narrow-gauge
train snaking its way through the valleys and gorges of
southwestern Bulgaria is a lifeline for surrounding villages,
but could face the axe as the government tries to modernise a
network mired in losses and debt.

Corruption and mismanagement have for years hobbled the
state railways, which are among the least efficient in Europe,
while workers have been caught stealing fuel from locomotives.
Many lines have barely changed since the fall of Communism in
1989, despite a sharp drop in population due to emigration and
an end to the planned economy.

Apr 24, 2015

Bulgaria scoffs at video of bank tycoon, cbank governor singing

SOFIA, April 24 (Reuters) – A video went viral on Friday
showing Bulgaria’s central bank governor dancing and singing
arm-in-arm with the fugitive businessman Tsvetan Vassilev, who
was at the centre of a banking crisis last year.

Two of Vassilev’s lawyers told Reuters that one of them had
leaked the tape to a local television channel.