Bulgaria To Back Eurozone Pact, Refuse To Bail out Troubled States

Bulgaria To Back Eurozone Pact, Refuse To Bail out Troubled States

Bulgaria will support the currently discussed EU financial stability pact without committing to any contributions to the International Monetary Fund aimed at stabilizing the European economy, Sofia-based media reported on Wednesday.

The government in Sofia supports the envisaged rules that will tighten fiscal discipline, including the planned state budget deficit cap equivalent to 3% of the gross domestic product, but opposes the ??introduction of a common taxable base for all member states and a tax on financial transactions, news portal Dnevnik quoted the country's foreign minister Nikolai Mladenov as saying.

Bulgaria also opposes the proposed option that could be provided to countries undergoing temporarily financial difficulties to be able to tap more EU funds as this idea contravenes the drive towards fiscal prudence.

The government will seek a mandate from the MPs to negotiate on the fiscal pact at a European Council meeting in Brussels on January 30. The final legislative framework of the pact is expected to be agreed by the end of this month and signed by the member states by March.

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