Sun, May 19 2013
Economy Minister Petar Dimitrov is to propose to the Cabinet that Bulgaria imports grain to normalise surging domestic prices, the Bulgarian Government said on August 7.
The grain shortage, a result of unfavourable weather conditions, will be handled by imports, some from non-European Union member states.
Hungary's contingency stores or imports from Ukraine could be used to counter Bulgaria's maize shortage, the statement said, according to wire agency See News.
Under the EU's intervention system, farmers can sell wheat, barley and maize to publicly funded stores for a fixed price. Bulgaria joined the EU in January.
At 400 leva a ton, the price of wheat in Bulgaria is more than double what it was in 2006. A warm winter and unusually dry spring damaged crops in most of South Eastern Europe this year.
Other reasons for the price surge in Bulgaria are an increase in consumption, a growing number of foreign tourists and rising European food prices.
Agricultural producers in Bulgaria harvested 2.2 million tons of wheat this year, less than expected, and less than last year's harvest of 3.2 million tons of wheat, according to Bulgarian news agency BTA.
About 150 000 tons of wheat remain from the 2006 harvest, an amount that could be enough to meet the country's demands for food, fodder and seed, the Government said.
Bulgaria usually exports large amounts of wheat to the EU.
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.