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Oppostion go to the Courts over 2010 Budget |
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Written by Steve Perrin
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Sunday, 17 January 2010 04:48 |
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Constitutional Court
MPs from Bulgaria's two main opposition parties filed on January 14 a complaint, asking the Constitutional Court to rule on a provision of the 2010 Budget Act. The provision, they said, gave the Cabinet the powers to revise the Budget without parliamentary consent.
A total 59 MPs from the Bulgarian Socialist Party (BSP) and the predominantly ethnic Turk Movement for Rights and Freedoms (MRF) signed the petition, which attacked article 17 of the law.
The article in question said that should the economy perform worse than outlined in the Budget's macroeconomic framework, the Cabinet has the right to cut spending. According to the MPs, Bulgaria's constitution gives Parliament alone the right to adopt and amend the Budget, while the Cabinet has to oversee the implementation of the law.
Socialist MP Lyuben Kornezov, a former Constitutional Court judge, said that should the court find in favour of the MPs' claim, that would not block the implementation of the 2010 Budget Act, but it would require parliamentary consent to amend the budget.
In 2009, however, the court rejected a complaint lodged by centre-right parties against a similar provision in the 2009 Budget Act, adopted by the ruling coalition of the time, which included both BSP and MRF. |
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Last Updated on Sunday, 17 January 2010 07:08 |
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Euro Zone January 2010 |
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Written by Steve Perrin
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Tuesday, 12 January 2010 13:26 |
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Euro Zone Entry
Bulgaria will launch its bid to join the euro zone at the end of January, Prime Minister Boiko Borisov told The Wall Street Journal in a January 10, 2010 interview.
The country, however, was increasingly fearful that the debt crisis erupting across the currency bloc could harm its application, Borisov said.
Bulgaria will no longer need to tap the International Monetary Fund or international bond markets for emergency financing to plug its budget gap, he said.
Separate documents seen by Dow Jones Newswires on January 10 showed the country's Finance Ministry will upgrade its forecasts for 2010 gross domestic product to tip a 0.2 per cent expansion from the previous estimate of a two per cent contraction, The Wall Street Journal said.
"We have everything in order and we're ready to start the road to the euro zone by the end of the month. It is now the first foreign policy priority of my government to enter the euro zone," Borisov said.
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Last Updated on Friday, 15 January 2010 08:53 |
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Since the fall of communism and the break-up of the COMECON economic system, Bulgaria’s economy has been through turbulent times. The transition from a socialist to a market-oriented economy has been beset by instability, structural fragility, a lack of public confidence in economic reforms and high levels of unemployment.
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Some useful general information and top tips about Bulgaria
