Poland and Bulgaria shelve plans to join Eurozone
The Eurozone debt crisis and the likelihood of a double-dip recession mean little appetite for joining the single currency.
POLAND AND BULGARIA have put their ambitions to join the Eurozone on ice – fearing that the crisis consuming the single currency’s smaller nations could swallow them up if they were to adopt the euro.
In an interview with the Wall Street Journal, Bulgaria’s prime minister said he had decided to shelve the plans as the European economy continued to deteriorate – circumstances which had dampened any public support.
“The momentum has shifted in our thinking and among the public,” Boyko Borisov said. “Right now, I don’t see any benefits of entering the euro zone, only costs.
The public rightly wants to know who would we have to bail out when we join? It’s too risky for us and it’s also not certain what the rules are and what are they likely to be in one year or two.