Bulgaria drops goal of ERM2 entry in 2010

Bulgaria will no longer target joining the exchange rate mechanism (ERM2), the euro zone's waiting room, in 2010, Finance Minister said on April 9. The Cabinet, made accession to the ERM2 one of its main policy priorities. That, in turn, prompted the Cabinet to delay payments to the private sector to maintain a low cash deficit, while at the same time not borrowing funds to increase government debt, analysts have said.The policy resulted in a 0.8 per cent Budget deficit, but employer organisations and some macroeconomists said that the measures made the economic recession worse because instead of stimulus money, the economy got an ever-worsening cash squeeze - thus Bulgaria had to abandon its 2010 EMR2 entry target.

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Comment by euroHOBBY on April 11, 2010 at 23:24
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just found the image on google search and had no link to source
Comment by Frizio on April 11, 2010 at 23:19
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