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What happens to the Currency Board reserve after we adopt the euro? Kostadin Kostadinov in front of FACT

The introduction of the euro is like a return to the Ottoman Empire with the Ottoman lira, says the chairman of "Vazrazhdane"

Снимка: БГНЕС

The balance sheet from Saturday - we Bulgarians have once again outdone the Janissaries. This is what Kostadin Kostadinov wrote on social networks after the protest for preserving the leva. On Wednesday, June 4, three European Commissioners are expected in the National Assembly in connection with the announcement of the convergence report. What else can we expect… Kostadin Kostadinov, chairman of „Vazrazhdane“, speaks to FACT.

- Mr. Kostadinov, many citizens gathered at „Nezavisimost“ Square to protest against the introduction of the euro in Bulgaria. However, did the people on whom this depends hear you…
- Judging by The reaction that has been going on since the rally in the capital, which gathered more than 50,000 people, and over 250,000 Bulgarians spoke out in cities and villages across the country, is obvious that those who need to hear us are quite scared. Since Saturday, we have been seeing huge propaganda and hysteria on their information channels. By theirs, I mean the national televisions, the national radio, a large part of Peevski's and Prokopiev's media. We are also seeing a huge, brutal troll attack that is on an unprecedented scale. For the first time in my life, I have seen such a thing, with tens and hundreds of thousands of comments. It is obvious that they are generated by software, but many people are also activated in this process on the Internet. The goal is to change the attitude of Bulgarian citizens. So, obviously, our protest was heard and this has panicked them. We are also seeing the activation of paid commentators on the paid radio stations of the government. But they should know one thing - they will not be able to change the the moods and attitudes of Bulgarians. Over 80% of Bulgarians categorically do not want Bulgaria to enter the eurozone, but want the Bulgarian lev to be preserved.

- You say that this is just the beginning. What comes next?
- The next rally is on Wednesday at 8:30 in front of the parliament. I invite absolutely every free Bulgarian to come, because then we should receive the fake convergence report. I say fake because it is based on fake data. We know well that the decision is political - it is neither economic nor financial. The goal is to force Bulgaria into the eurozone and to suck out its reserves. After entering the European Union, Bulgaria's economic and demographic resources were sucked out. I will remind you that since 2007, when we entered the European Union, the population of our country has decreased by more than 1.5 million. person.

- So you are continuing with the protests?
- The protests will continue, yes. Including at the European level, because our European parliamentary group “Europe of Sovereign Nations“ will take action to inform all other political forces about the exceptional situation in the country. We are also holding talks with other partner political organizations in the European Union that will support us. Let us not forget one more thing. Because they think in the European Commission, after they eventually force us into the eurozone, that the matter is over... They are very wrong. We will collapse the eurozone, we will humiliate the euro, because we will not stop speaking against it from day one. We will explain that this is a fake currency, that this is a foreign currency for Bulgaria, that this is an occupation currency for Bulgaria. We will work against it. Look, the introduction of the euro is like a return to the Ottoman Empire with the Ottoman lira as the official currency for Bulgaria. It is well known that every currency is greatly influenced by such comments, so nothing good awaits us with the collapsing euro. And it is no coincidence that the pressure to bring Bulgaria into the eurozone at all costs is so strong.

- „Velicie", MECH, VMRO and other parties also supported your protest, but these are smaller parties. What does this mean for you? Do you expect support from other, larger parties…
- I do not expect support from other parties, but I expect support at the present moment from President Radev, because he surprisingly, ultimately, but still usefully, joined our struggle for our country. I expect from him - as we acquaint European political forces with the real situation in our country and in the eurozone, that he will do the same thing, but at the level of his colleagues, heads of state of other EU countries.

- You have been wanting a referendum for years, and President Radev called for it now. Why only now, how do you explain it…
- No I can tell you why he got involved now. You should ask President Radev. It was a surprise to me too that he made such a move, but, as they say - better late than never. He accepted our arguments, our arguments and started defending them.

- His wish was rejected by the parliament and will now be considered by the Constitutional Court. How will things develop there…
- I do not believe in the Constitutional Court, because it is a criminal organization. This is an organized criminal group that must be dissolved, and the members of the Constitutional Court tried and imprisoned for the crimes they committed for state fraud. I do not expect in any way that this criminal Constitutional Court will have any positive decision for a referendum.

- And why are we not ready for the euro now?
- And do you believe that Bulgaria is ready. Do you believe that we have 2.6% inflation in the country. What's more. According to the National Statistical Institute (NSI), for April we have 0.8% deflation, so that's how much life has become cheaper in Bulgaria.

- The data is on a monthly basis, which is dynamic…
- Do you believe that? This is more of a rhetorical question and you don't need to answer me. You see for yourself what the prices are in the shops, we see for ourselves the jump in the prices of services from day to day. You can even see how the state is currently saying that it will fight speculation and price increases when the euro is adopted. The price increase will be a natural, functional process after they force us into the eurozone. With these actions, the rulers are encouraging traders to increase prices. If anyone is to blame for inflation and the price increase, it is only the criminal colonial regime of the Janissaries who rule the country.

- Whenever we talk about the eurozone, I ask the following question. What happens to the Currency Board when we enter the eurozone. Will that be good, will it be bad for our country…
- The Currency Board simply ceases to exist, and this is extremely bad for two reasons. First, because we have the longest history of the most successful Currency Board in the history of international finance. Since 1997, our Currency Board has been ours and under our control. It is not controlled from outside, it has proven its efficiency and has been given as an example to many countries around the world. The Bulgarian Currency Board is the longest-standing and most successful one in the world. It is entirely our sovereign financial instrument and is not controlled from outside. I repeat it. With the entry into the eurozone, the Currency Board and Bulgarian sovereignty over public and state finances are terminated. Bulgaria practically ceases to function as an independent financial state. There is another thing that is good to say and know. There is almost no week in Bulgaria in which laws or decisions are not adopted in the National Assembly that are not at the request of Brussels. By the way, even when the Soviet Union dominated us for 45 years, not a single law was adopted in Bulgaria under the pressure of the USSR.

- And now which laws are at the request of Brussels?
- The last thing I can think of is the liberalization of the electricity market for household consumers. This is at the request of Brussels and this was an ultimatum. Just last week we adopted three decisions that concerned Bulgaria's participation in an INTERREG program. Last week was the liberalization of electricity. If we go back, just look at the calendar and see the agenda of the parliament for the period from the beginning of the year to now and you will draw your own conclusions.

- What is the second thing?
- The second thing is very, very important to know. Currently, Bulgaria has a large financial reserve in the issue direction of the BNB. This is the so-called "buffer" of the Currency Board. Money that we have saved to maintain the stability of the Currency Board. This is not the foreign exchange reserve of the BNB, it is not the state reserve. I am talking about the Currency Board reserve. These are different things. In the Currency Board reserve we have between 70-72 billion leva. At the moment we adopt the euro, about 30 billion leva will be automatically transferred to the European Central Bank (ECB) on January 1, 2026.

- Because…
- This is our contribution to the ECB as a country that adopted the euro. This will be the most gigantic theft committed by foreigners, because this money ceases to be ours.

- And the other 40 billion leva…
- They will become a transitional balance to the budget and will be stolen. When we have a transitional balance in the budget, you know what that means. This money is not spent by a decision of the National Assembly, but by the government alone with the signature of the Prime Minister. Given that our budget is about 70 billion leva, imagine how suddenly the Prime Minister will be able to spend 40 billion leva on his own with his signature. This will be the most grandiose theft in the 14-century history of Bulgaria, because in 632, Old Great Bulgaria was founded by Kubrat. In a few years, we will celebrate 14 centuries of Old Great Bulgaria, the first Bulgarian state in Europe. You understand for yourself how much 40 billion leva is in relation to the state budget of Bulgaria. They will be stolen because the eurozone is a pyramid. Last year, the European Central Bank ended with a fairly large loss. At the same time, the Bulgarian National Bank ended with a profit of 660 million leva. And now they tell us that we have to join the club of the rich. No - this is not the club of the rich, it is the club of the bankrupt, of the indebted. The Eurozone is a pyramid, it is not a club of the rich.