Believe nothing

04 September 2012

‘If one needs a shining example of why the days of Europe’s artificial currency are numbered, look no further than the EU’s poorest country which moments ago said “Ne Mersi” to the Eurozone and the European currency. From the WSJ: “Bulgaria, the European Union’s poorest member state and a rare fiscal bright spot for the bloc, has indefinitely frozen long-held plans to adopt the single currency, marking the latest fiscally prudent country to cool its enthusiasm for the embattled currency.

Speaking in interviews in Sofia, Prime Minister Boyko Borisov and Finance Minister Simeon Djankov said that the decision to shelve plans to join the currency area, a longtime strategic aim of successive governments in the former communist state, came in response to deteriorating economic conditions and rising uncertainty over the prospects of the bloc, alongside a decisive shift of public opinion in Bulgaria, which is entering its third year of an austerity program. “The momentum has shifted in our thinking and among the public…

Right now, I don’t see any benefits of entering the euro zone, only costs,” Mr. Djankov said. “The public rightly wants to know who would we have to bailout when we join? It’s too risky for us and it’s also not certain what the rules are and what are they likely to be in one year or two.”’

Read more: EU’s Poorest Country Smacks Down Euro As Bulgaria Refuses To Join