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Europhobia: Bulgaria and Poland decide to steer clear of troubled currency

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Russian TV: Moody’s recent step to cut the eurozone’s outlook has become another sign for investors as well as for other European countries to stay away from the troubled group. Poland and Bulgaria separately said they put on hold plans to adopt the euro.

Bulgarian Prime Minister Boyko Borisov and Finance Minister Simeon Djankov said their country has indefinitely put on ice long term plans to enter the eurozone as the worsening economic situation hits the currency union.

“Right now, I don’t see any benefits of entering the euro zone, only costs,” Djankov said. “The public rightly wants to know who we would have to bail out when we join. It’s too risky for us and it’s also not certain what the rules are and what are they likely to be in one year or two.” 

Meanwhile Foreign Minister Radoslaw Sikorski said Poland hasn’t given up the idea of joining the euro, but only after the member countries solve their financial problems.

“We have committed ourselves to introduce the euro – we are contractually obliged to do this – and Poland’s population backed this in a referendum,” Sikorsky said in an interview to German daily Frankfurter Allgemeine.

Sikorski also suggested combining the roles of head of the European Commission and the Council to make Europe “governable”.

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Posted by on September 4, 2012. Filed under Banks,Business,Europe. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.