BLBG:Bulgarian Parliament Votes to Join Euro Financial Pact
Bulgaria’s Parliament voted to back the government of Prime Minister Boiko Borissov that the country should join the European financial stability pact on certain terms, Menda Stoyanova, head of the assembly’s Budget and Finance Committee said in the capital Sofia today.
All 181 lawmakers present voted to back the motion to endorse a European agreement on tougher rules for debt reduction, intended to help fight the euro area’s debt crisis.
The conditions for joining the pact include that Bulgaria, as the poorest European Union member in terms of economic output per capita, not take obligations to coordinate its tax and labor policies with the 27-nation bloc. Bulgaria has the lowest corporate and personal income taxes in the EU. The Balkan country hasn’t yet adopted the euro and will not take part in international bail out packages for Greece and other indebted euro area state.
To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net
To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net
