Банкеръ Daily


The Euro Doesn’t Pose a Risk for Bulgaria, the Unsustainable Development Does

The currency board has shown that its sustainability. It served as a safety anchor when we had to tackle the bankruptcies of the banks. Having declared that we will not switch to a different euro exchange rate means we will not. The law does not allow it. This is supported by the government. We should be interested in the sustainability of the Bulgarian economy. It needs to be adapted to changing environmental conditions, said ex-banker Levon Hampartzoumian and recommended that citizens do not change their levs into euros because of the process of potential accession to the eurozone.

According to him, the concerns of the economists about the fixed rate are highly hypothetical.

"The lev is linked to the euro and the law confirms it. Not developing steadily, not rearranging  our education system poses a risk for Bulgaria. The currency system and the  bank ownership matter, but they are secondary to other fundamental changes that would occur. So there's nothing to worry about,” Hampartzoumian told bTV.

As a former head of the Privatization Agency, he also commented on the verification of the entire privatization process, commissioned by the Attorney General.

"I am not worried about the check-up of privatization deals during the transition carried out by SANS and the prosecution. The larger privatisations in my time were made in a good and transparent way. Businesses are still alive and working, "said Levon Hampartzoumian.

"A lot of people are speculating. For 50 years, socialist government has claimed that businesses belong to the people. Suddenly, in 1990, they went bankrupt and became the property of different people. This seems unfair in the eyes of many. I do not think that 10,000 transactions can and should be verified, only a part of those that are more controversial need to be checked. They would have historical value not legal one because the limitation period had expired. This is done because there is public interest, "Hampartzoumian added.

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