04.07.2012

\"We had been patient and we did a good job\", Deputy Prime Minister and Minister of Finance Simeon Djankov said in an interview for the BNT \"DenyatZapochva\" program in respect of Bulgaria\'s Euro Bond issue. He added that the interest on the new issue was 4.25%, better compared to 7.50% on the previous issue. Important was also the fact that Moody\'s upgraded Bulgaria\'s rating in 2011 because investors monitored their ratings. Djankov thinks that we may expect an upgrade by the other major credit rating agency Standard & Poor\'s, which would help both the business and the banks. The country will save BGN 310 million interest payments from the issue, but for the Minister the other calculation is more important, i.e should the issue have taken place last year then the additional payments would have amounted to BGN 80 million. \"So, I am more happy by this success, that we have not gone earlier, have waited patiently and thus we have saved those interest payments\".

Djankov emphasized that before raising the income of Bulgarians we have to achieve financial stability. \"There is progress, but in order to reach the EU average, the income growth per year should be 3 % over the EU average and not like at the moment 1%\", the Finance Minister pointed out. \"The precondition is to have financial stability\", the Minister clarified. He added that his work was invisible for the ordinary people and many of them were thinking that he was not managing well because their income did not change. Djankov clarified that international markets\' recognition was not meaning much to ordinary people but that it was proof that the country\'s financial stability was guaranteed.