Thu, Jun 20 2013
BURST BUBBLE: Property development plans worth billions of leva were shelved in 2009 as the flow of cash from foreign buyers and readily-available loans from local banks dried out. Prices fell by about 30 per cent, according to foreign property consultants, but local brokers were adamant that the fall was not that steep. Several large-scale developments, including the 200-million euro Serdika Mall (pictured), continued on schedule, having secured full funding long in advance.
Photo: Maria Subotinova
FROZEN OUT: Bulgaria, which relies exclusively on Russian gas, was unprepared for the sudden halt to gas supplies, and heating utilities took several days to switch to alternative fuels, leaving many people with little or no central heating in the middle of a cold snap.
Photo: Krassimir Yuskesseliev
TO-DO LIST: Regional Development Minister Rossen Plevneliev said that finishing three motorways – Trakiya, Maritsa and Lyulin – would be one of the new Cabinet’s top priorities throughout its four-year term. In 2009, Bulgaria has officially opened five km of Lyulin highway (pictured), as tenders for Trakiya motorway had to be scrapped twice.
Photo: Nadezhda Chipeva
QUOTE OF THE YEAR: ‘I don’t know why everyone is thinking that when the bride’s veil is lifted, we will find that she has a moustache.’
Former economy and energy minister Petar Dimitrov on the topic of the current gas
delivery contract with Gazprom, which the
socialist-led cabinet refused to make public
Photo: Krassimir Yuskesseliev
Unemployment across the 27 EU states and in the euro zone worsened in December 2009, both hitting new highs, according to official statistics.
Expectations for the economy are generally bleak – but high-performance cars more ‘affordable’
The Borissov juggernaut thundered into power, and served thin pizza
Bulgaria spent its third year as an EU member fighting its own shortcomings
IT in Bulgaria in 2009 was mostly equivalent with attempts at mass access to personal data.
Snapshots of 14 Central and Eastern European countries as the dawn of 2010 found them
How closely have you been paying attention in 2009?
Bulgaria’s judicial system was under intense scrutiny throughout 2009
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.