Simeon Djankov News
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For years, the International Monetary Fund helped to ensure global financial stability. Lately it has changed its mind on what used to be a core principle -- and, strangely enough, it appears to have done so on the basis of a single far-from-convincing working paper.
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Bulgaria’s previous administration of Boyko Borissov canceled the sale of the government’s stake in the Bulgarian Stock Exchange on Feb. 20, the day it resigned amid protests against poverty that turned violent.
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Bulgaria, which delayed entry into the euro area in 2011, won’t join it “until the dust settles” possibly several years from now, the nation’s finance minister said.
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Bulgarian Finance Minister Simeon Djankov, who’s been praised by the European Union for reining in spending, was fired after thousands of people marched in protest at austerity four months before general elections.
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Bulgarian police clashed with protesters angered about rising unemployment and energy prices as the prime minister pledged to pull the power distribution rights of Czech utility CEZ AS after firing the finance chief.
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Bulgaria’s euro adoption efforts will get a boost from a government plan to include spending limits in the country’s constitution that mirror a European Union-wide push to curb deficits and debt, Finance Minister Simeon Djankov said.
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Bulgarian lawmakers approved the resignation of Prime Minister Boyko Borissov, moving the nation toward early elections after protests sparked street violence in the European Union’s poorest member.
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Bulgarian President Rosen Plevneliev will make two more attempts to find parties willing to form a new Cabinet and avert early elections after outgoing Premier Boyko Borissov’s party refused.
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Bulgaria is putting its euro- adoption plans on hold until the currency union overhauls its rules to prevent future crises, Finance Minister Simeon Djankov said.
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Bulgaria plans to sell Eurobonds at the end of May or in June to raise funds to repay about 835 million euros in 11-year Eurobonds maturing on Jan. 15, 2013.
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