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Image header Agence Europe
Europe Daily Bulletin No. 11114
Contents Publication in full By article 13 / 36
ECONOMY - FINANCE - BUSINESS / (ae) bulgaria

Banks see off bank run without help from government

Brussels, 03/07/2014 (Agence Europe) - Bulgarian Prime Minister Plamen Oresharski said on Wednesday 2 July that his country's banks had successfully seen off a run on the banks “with their own resources”. The European Commission had hastily approved state aid from Bulgaria on 30 June in the form of a credit line of €1.7 billion to help the banks deal with speculative attacks that started on 20 June and had led to the temporary closure of two banks (see EUROPE 11111). Bulgarian Finance Minister Petar Chobanov said that foreign investors in Commercial Corporate Bank had been asked to increase its capital. If they had refused, the governor of the Bulgarian central bank, Ivan Iskrov, said that the country's savings guarantee fund and the public Development Bank would have provided the necessary capital. (EL)

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