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Bulgaria abandons euro zone plans

  • Bulgaria has abandoned plans to adopt the euro currency following worsening economic conditions and growing uncertainty across the European Union, Finance Minister Simeon Djankov was quoted by the Wall Street Journal as saying on Monday.

    Bulgaria is one of the EU's least indebted members and has enforced tight fiscal discipline to avoid risks to the lev currency, which is pegged to the euro.

    "Right now, I don't see any benefits of entering the euro zone, only costs," Djankov said in an interview with the Wall Street Journal.

    "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."

    Bulgaria is the latest country to back away from joining the euro zone, which has been a strategic aim for past governments in the Balkan state.