Debt relief

Debt settlements to banks, state at €2.65 bln

A total of €2.65 billion in private debt to banks - or, more accurately, to the recovery funds that bought delinquent loans from banks - and the state has been settled so far this year outside the courts, through 7,257 cases, the Ministry of Finance announced.

Of those, 931 settlements worth €400 million were made in July alone, the ministry added.

Bulgaria Join in the IMF's Somalia Debt Fundraising Initiative

The Council of Ministers approved the participation of the Republic of Bulgaria in the International Monetary Fund (IMF) initiative to raise funds to settle Somalia's debt to the IMF, amounting to EUR 242 million.

The amount with which Bulgaria will join is amounting to 1.48 million SDR (special drawing rights)

Bulgaria Under Pressure from the EU to Introduce Directive About Personal Bankruptcy

A new European directive recommends that Member States start implementing the debt-forgiving regulations - a bankruptcy procedure, not only for companies but also for citizens - as soon as possible.

In fact, Bulgaria is the only country in the EU where no personal bankruptcy mechanism has yet been put in place and, unlike business, consumers are becoming life-long debtors.

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