P.M.: Bulgaria in first capitalist crisis

Dec. 5, 2008 at 1:59 AM
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SOFIA, Bulgaria, Dec. 5 (UPI) -- Bulgaria is experiencing its first economic crisis as a capitalist country, Prime Minister Sergey Stanishev said Thursday.

Stanishev suggested that Bulgaria's problems are actually less severe than those of other members of the European Union, the Sofia News Agency reported. He said, for example, that the banking system is not in the kind of crisis that other countries face as a result of the collapse of the credit bubble.

But the country is not immune to the difficulties facing its economic partners, he added.

"The financial crisis is creating a situation which is hard to predict but Bulgaria is relatively less affected than the EU. In the recent weeks, however, the prognoses for our main partner, the EU, have worsened," Stanishev said.

The prime minister said he has ordered all members of his cabinet to draw up plans for helping to prevent financial crises and to improve the country's economy.

Stanishev spoke at a forum organized by the Council of Ministers.

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