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Tsoncho Ganev: Even before the eurozone, we are sinking into a debt crisis

We will not have independence in the eurozone

Jul 2, 2025 10:41 1 920

Tsoncho Ganev: Even before the eurozone, we are sinking into a debt crisis  - 1

Entering the eurozone will contribute to sinking even deeper into debt, Tsoncho Ganev, deputy chairman of "Vazrazhdane" and of the parliament, told the Bulgarian National Radio.

For the government, the understanding of the sustainability of public finances is that we sink into a debt crisis even before entering the eurozone, he believes.

With 41 billion in debt before the current government, it is betting 89 billion by the end of its mandate. By May, 10 billion in new debt had been drawn down, and by the end of this year it will be 19 billion, argues Ganev.

"This is a general sinking of our country. If we have not sunk into such a debt crisis for 36 years, this government of Peevski, Borisov, ITN and BSP is putting us in a unique situation even before entering the eurozone – to sink into debt."

Currently, they have no liquid money, loans are being drawn down and current expenses are being covered, he added.

The Prime Minister reported that we will raise defense spending to 5%. We will take on more debt because of NATO, Ganev pointed out. According to him, the loans taken out now are at 3-4% interest, and the ECB will give us interest of around 1% and "corruption schemes will open up even more".

We will not have independence in the eurozone. The budget will be coordinated with the ECB by procedure. Every expense must be coordinated with the ECB and we will not have real independence – for example, to prioritize pensions, commented Tsoncho Ganev in the program "Predi visci".

According to him, "this government is proudly and cheerfully going to bring us into the eurozone with false statistical data".

"The main motive for the vote of no confidence, apart from all current things, is that this government and the majority that supports it, refused to have the Bulgarian people consulted. Our big battle is to go to a referendum", emphasized the deputy chairman of "Vazrazhdane" before the vote of no confidence, which the party submitted, supported by MECH and "Velicie".

"Anything can happen. The chances are minimal at the moment, but anything can happen at the last minute," Ganev admits.

"The president has been saying for two years that there should be no referendum and that he cannot demand a referendum. At the last minute, he took the step he should have taken two years ago. The bitter note remains that he is doing it because his term is expiring and because he eventually wants to enter our political life," Ganev emphasized. He described the head of state's recent actions in insisting on a referendum as "a good step because he raised the topic again", but in his words, Radev is "to put it mildly, inconsistent".

In the next elections, "the two small crutch parties" - ITN and BSP, may not enter parliament, Tsoncho Ganev expressed his opinion.