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The political crisis has a huge and negative impact on the country's public finances.

The parties are ready for elections and therefore they are more generous than the possibilities of the state.

We are in a bigger deficit than our economy suggests. 

This is what former finance minister Simeon Dyankov told BNR

Simeon Denchev Dyankov was born on July 13, 1970 in Sofia. He graduated from the language high school in Lovech.

He studied and added that 2024 is not realistic for Bulgaria to join the Eurozone.

"Without a regular government, there is no regular budget. To enter the Eurozone, one of the votes of the other members of the zone is whether we fulfill the Maastricht criteria in the last regular budget. In the previous two budgets we did not meet them, and now we do not have a regular budget. Therefore, neither inflation, neither the deficit nor the main interest rate on 10-year government securities - three of the four coefficients - have been met. If we fail to enter in 2024, the automatic extension of the term will be two years". 

Djankov: If we don't have a regular budget by spring, we will miss our chance for the Eurozone

Dyankov also said that we are far from controlling inflation, and this month and the next we will observe an increase in its rate, since since the beginning of the year in many European countries larger pensions, larger social payments, new prices.

"A recession or almost zero growth is set in the European Union. There will be a slowdown in the Bulgarian economy as well." 

Simeon Dyankov does not expect a government to be formed with the second mandate because of the sharp dividing lines between "We continue the change" and some of the parties in the parliament.

According to him, the chances of a regular cabinet are in the third term.

"Bulgarian Rise" and "Democratic Bulgaria", even the BSP, have the greatest interest in this happening.

His forecast for the horizon of a possible new government is until or shortly after local elections in the fall.

"We need a regular government that will bring laws to the parliament and that will represent us in Brussels, which the official cabinet cannot do at the moment," he concluded. 

Simeon Dyankov

Bulgaria in the Eurozone

euro zone