Bulgarian nationalists march against euro currency adoption
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Fears that the it will harm the economy, coupled with a mistrust of institutions has led many to oppose the euro. Disinformation campaigns have muddled the debate over Bulgaria's economic transition.
Thousands gathered in Bulgaria's capital Sofia and other major cities on Saturday to reject the country's plans to adopt the euro, the latest move by the eastern European country to strengthen its status in the European Union.
Critics of the move are demanding that the government hold a referendum over whether the country should abandon the lev and adopt the euro as its currency.
It comes months after Bulgaria, along with Romania, were admitted to the Schengen area.
Demonstrators in Sofia carried flags of the pro-Russian Vazrazhdane party. A large banner read "The battle for the Bulgarian lev is the last battle for Bulgaria."
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Fears that the it will harm the economy, coupled with a mistrust of institutions has led many to oppose the euro. Disinformation campaigns have muddled the debate over Bulgaria's economic transition.
Thousands gathered in Bulgaria's capital Sofia and other major cities on Saturday to reject the country's plans to adopt the euro, the latest move by the eastern European country to strengthen its status in the European Union.
Critics of the move are demanding that the government hold a referendum over whether the country should abandon the lev and adopt the euro as its currency.
It comes months after Bulgaria, along with Romania, were admitted to the Schengen area.
Demonstrators in Sofia carried flags of the pro-Russian Vazrazhdane party. A large banner read "The battle for the Bulgarian lev is the last battle for Bulgaria."
Bulgaria shouldnt join the euro yet, they need to develop further first, and monetary control is important. However, since they already gave up their currency control by tying the Lev to the euro at a fixed ratio, so it doesn’t matter
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Bulgaria shouldnt join the euro yet, they need to develop further first, and monetary control is important. However, since they already gave up their currency control by tying the Lev to the euro at a fixed ratio, so it doesn’t matter
wrote on last edited by [email protected]Which is why the willingness to pay the political price for adopting the Euro is a bit strange. Bulgaria has effectively been using the Euro albeit with a 1.96x multiplier, ever since Germany adopted it.
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Which is why the willingness to pay the political price for adopting the Euro is a bit strange. Bulgaria has effectively been using the Euro albeit with a 1.96x multiplier, ever since Germany adopted it.
AFAIK, they're resisting the change, because there is a reserve of money set aside to guarantee this exchange rate. After a switch to euro, this money (about 40 billion euros) will be absorbed by the ruling party. And knowing how corrupt the country is, you can guess in whose pockets that money will end up in.
