New 16 billion levs Debt 'to Give Bulgaria Stability in Next Three Years'
Monday, 16 February 2015
Bulgaria's move to take on new external borrowings will provide for its financial stability in the next three years, Finance Minister Vladislav Goranov has said.
In a Sunday interview for the Bulgarian National Radio, he has opined that, under the conditions of "super liquid markets" the act of piling up new debt could actually be carried out in favourable circumstances.
Earlier this week the government announced it was considering the option of issuing 30-year securities bearing a maximum interest rate of 10 percent, an idea that prompted mixed reaction from both the opposition and some coalition partners.
Goranov, who was appointed from the quota of the main ruling party, conservative GERB, sought on Sunday to disperse fears that Bulgaria was taking on an excessive debt burden.
He added it was "the short-term issuance made over the past years allowed for a huge accumulation of payment within just a few years between 2015 and 2017. Bulgaria has already taken a total 6 billion levs in debt and has to pay it."