bulgaria to adopt the euro by 2015 experts say
News Posted On: 25 February 2010
Analysts have stated that Bulgaria will have adopted the single European currency by 2015. They also said that Romania, Poland and the Czech Republic will be using the euro by then as well, with Estonian leading the region into euro adoption in 2011.
The announcement comes at a time when analysts are warning over the likelihood that countries could start to pack-up and abandon the currency if a solution isn't found to the Greek debt crisis and quickly.
I think that is a bit drastic, but that is a separate article. The Greek debt crisis is unlikely to affect the desires of those outside the euro who want to get in, because euro adoption has a proven track record for having a stabilising effect on economies, and for providing a boost to economic growth.
Arguably the best thing about Bulgaria et al's desire to adopt the euro is that it will force them to bring their budget deficits to within 3% of GDP. Greece is not the only country with a roaring budget deficit, in fact it is easier to list the countries that don't have, than it is to list those that do, because almost all government's have been fighting of one of the worst recessions in a generation and that costs money.
Bulgaria was hit later and harder than most by the recession, and as such has a major deficit problem now. The fact that analysts and experts are stating 2015 as a realistic goal for a 3% deficit is a major vote of confidence for the Bulgarian government and central bank.
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