EU: Bulgaria-Proposed Change in Debt Definition Impossible

EU: Bulgaria-Proposed Change in Debt Definition Impossible

The European Union said a proposal from nine countries, including Bulgaria, to change the way debt among member countries is calculated in relation to private pension systems grants, is "not possible" to accommodate.

The request is "justified," but it's "not possible" to accept it under the current accounting system, European Union Economy and Monetary Affairs Commissioner Olli Rehn said in a letter, cited by Bloomberg agency.

"Although the commissioner acknowledges that the request of member states seeking equal treatment is justified, he again signaled that the current EU accounting system doesn't allow for such a solution," Hungary's Economy Ministry said in an e-mailed statement, citing the Rehn letter.

In the middle of August Bulgaria, Poland, Sweden and six other countries sent the EU a letter asking for a change in the way country debt is calculated.

The letter, addressed to the European Commission and EU President Herman van Rompuy, was signed by the finance ministers of the countries, which also include Hungary, the Czech Republic, Romania, Slovakia, Lithuania and Latvia.

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