| Headline: Bulgaria fits the Eurobond bill Source: Euromoney Date: September 2001 Author: Nigel Dudley Bulgaria’s new government is preparing to enter the Eurobond markets to reduce its debt service costs. The country’s strong recovery from the banking collapse and economic setbacks of 1996 and 1997, its recent currency stability and commitment to EU convergence should win it a strong reception among investors. But concerns persist over the credibility of the government’s ambitions to balance the budget, cut taxes and increase spending all at the same time.
The bankers have convinced themselves that the time is ideal for Bulgaria to raise money from the Eurobond market and they are marketing to a government that needs little convincing. The decisive factor has been the election in June of a new government, headed by Simeon Saxe-Coburg, the former King Simeon II. Despite tensions among its coalition partners, it has the popular support to see through structural economic reform, take on corruption and reduce bureaucracy. | |||||||||||||||||||||||||||||||||||||||||