Bulgaria, Czech Republic Vow to Steer Clear of 'Euro Zone Debt Union'

Bulgaria, Czech Republic Vow to Steer Clear of 'Euro Zone Debt Union'

The Prime Ministers of Bulgaria and the Czech Republic have made it clear their nations will abstain from seeking accession to the euro zone for the time being because of the ongoing debt crises.

"We will join the euro zone when we see clear rules over there. Otherwise, it is turning from a pillar of stability into a place to give money, to support those in trouble, and its aims is actually completely different," Bulgaria's PM Boyko Borisov said at the opening of a Bulgarian-Czech business forum in Prague Tuesday, as cited by Focus.

His Czech counterpart Peter Necas expressed a similar view over the debt crises and the enlargement of the euro zone. "The governments of the Czech Republic and Bulgaria completely refuse to declare a data for accession to the euro zone because nobody knows what will happen with this project," Necas is quoted as saying after meeting with Borisov.

"Besides, we can all see how the currency union is turning into a money transfer union, or even a debt union," Necas stated at his joint news conference with the Bulgarian PM earlier on Tuesday.

"Bulgaria is country with the second smallest foreign debt in the EU, we have a stable fiscal reserve, which is a good precondition for the stability of the Bulgarian lev," Borisov told the potential Czech investors.

He reminded that Bulgaria's government and opposition have been debating amending the Constitution to incorporate into it the so called Financial Stability Pact, a brainchild of Finance Minister Simeon Djankov, which is supposed to guarantee legally a ceiling on the budget deficit as well as low taxes./Source: Sofia News Agency/

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