Bulgaria gives up eurozone application for now

Prime Minister Boyko Borisov announced Friday (April 9th) that Bulgaria will give up its eurozone application for the time being due to its current inability to meet the European Monetary Union criteria. Finance Minister Simeon Dyankov said that the country will voluntarily revise its 2008 and 2009 budget deficits. The 2009 budget will be affected the most, as the minister forecasted that the deficit will rise from 1.9% to 3.7% of GDP. In addition, Dyankov suggested that the European Commission could launch an excessive deficit procedure against Bulgaria.