Bulgaria to be penalized for deficit just months after joining the eurozone - FT

Bulgaria will be punished next week for violating budget rules just months after joining the eurozone, putting Prime Minister Rumen Radev's government on a collision course with Brussels, the Financial Times reports , according to UNN .

Bulgaria to be penalized for deficit just months after joining the eurozone - FT. Bulgaria will be punished next week for violating budget rules just months after joining the eurozone, putting Prime Minister Rumen Radev's government on a collision course with Brussels, the Financial Times reports , according to UNN . Details According to officials, the European Commission will launch a so-called excessive deficit procedure against Sofia, as its annual deficit rose to 3.5% last year, exceeding the eurozone's 3% threshold. The move, which carries market stigma and potentially higher borrowing costs, is expected to increase tensions with Radev, who previously served as president and has become increasingly critical of the EU and the US since coming to power in April on a pro-Russian platform. According to a recent European Commission forecas...