Bulgaria is renewing efforts to enter the pre-euro currency grid, the ERM-2, several months after the country delayed its plans to apply for the two-year obligatory waiting room due to the huge budget deficit last year and the projected shortfall in its 2010 revised budget, Finance Minister Simeon Djankov said.
According to the Minister, Bulgaria will be able to cut its budget gap below the 3% euro adoption limit in the second half of 2011.
"Our willingness to accept the euro is strong as ever, and the best option is to enter the mechanism as soon as possible," he said.
Sofia could also resort to launching a bond on the international market in order to support its financials, which will be, however, lower than the EUR 1 billion stipulated in the budget draft.(Dnevnik)
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