Connect with us

Politics

Bulgaria to become 21st country to adopt euro as official currency – National TenX News

Published

on


On New Year’s Day, Bulgaria becomes the 21st country to join the euro currency union, furthering its integration into the European Union. But the historic milestone arrives amid political instability and skepticism among ordinary people fueled by fears of price rises.

Supporters of switching to the euro from the old currency, the lev, are praising the move as one of the greatest achievements since the 1989 transition from a Soviet-style economy to democracy and free markets. They hope it will make the country more attractive for investors and strengthen its orientation toward wealthier Western Europe.

But many people are uneasy, in a country where corruption is rife and trust in the authorities is low. One fear is that merchants will round prices up or otherwise use the changeover to worsen inflation, at a time when inflation has rebounded to 3.7%.

An EU Eurobarometer poll from March showed that 53% of 1,017 people surveyed opposed joining the eurozone, while 45% were in favor. A separate Eurobarometer poll, taken between Oct. 9 and Nov. 3 on a similar sample, showed that about half of Bulgarians opposed the single currency while 42% were in favor. The margin of error was about plus or minus 3.1 percentage points for the March poll.

Story continues below advertisement

Some welcome the euro, others are wary

The government successfully completed the euro adoption process by beating inflation down to 2.7% earlier this year to comply with EU rules and win approval from EU leaders. But clearing that hurdle was followed by a new chapter of political chaos. The government resigned after less than a year in office amid nationwide anti-corruption protests. This left the country without a regular budget for next year and is hampering plans for long-overdue structural reforms and decisions on use of EU support funds.

A new election — the eighth in five years — is expected to be held next spring.


Click to play video: 'How Finland, Bulgaria and Montenegro’s election results could impact European unity'


How Finland, Bulgaria and Montenegro’s election results could impact European unity


Nevelin Petrov, 64, said he welcomed the euro. “Bulgaria is a full member of the European Union, and its rightful place is alongside the other developed and democratic European nations,” he said. “I am convinced that the adoption of the euro will contribute to the long-term prosperity of our country,” he said.

Story continues below advertisement

Others, like Darina Vitova, who runs a pedicure salon in Sofia, said things were moving too fast although she welcomed the change “in principle.”

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

“The standard of living and incomes in our country are far from those in the richest European countries, while prices here are rising and life for the average person will become more difficult,” she said. She acknowledges that when heading to the beaches in neighboring Greece, it will be more convenient to pay with the same “pocket money” she uses at home.

Bulgaria, with its 6.4 million people, is one of the poorest members of the 27-country European union. The average monthly wage is 1,300 euros ($1,530).

Countries that join the EU commit to the euro, but actually joining can take years and some members are in no hurry. Poland in particular has seen strong economic growth since joining the EU in 2004 without adopting the euro.

Pro-Russian politicians have fanned discontent

Opponents of joining have fed fears that the changes will allegedly lead to more poverty and loss of national identity. Social media has spread disinformation such as false claims that the euro could lead to confiscation of bank accounts. Nationalist and pro-Russian groups exploit these fears.

Story continues below advertisement

European Central Bank President Christine Lagarde has said that countries have experienced a slight, transient rise in prices of 0.2%-0.4% right after joining. Price rises can be more apparent than real, as cafe and hairdressers may put off printing new menus and price lists ahead of the change, so that increases are only delayed, not caused by the euro.

Anti-euro rallies in May and September were organized by the pro-Russian Vazrazhdane party but remained smaller than the mass protests that toppled the government. While the anti-euro protests were supported by older people based on economic anxiety, the mass protests that toppled the government appeared to represent a younger electorate fed up with corruption and eager to integrate with Europe.


Click to play video: '‘Prices are choking us’: Farmers protest in Spain, Bulgaria against EU agricultural policy'


‘Prices are choking us’: Farmers protest in Spain, Bulgaria against EU agricultural policy


Analyst says euro adoption is a strategic plus

Anti-euro disinformation spread by pro-Russian politicians and social media aim “to reduce support for the European Union, NATO and Ukraine,” said Dimitar Keranov, program coordinator for engaging Central Europe at the German Marshall Fund in Berlin.

Story continues below advertisement

Bulgaria’s European integration “is not in Moscow’s interest at all, so if it can somehow polarize society and weaken support for the European Union that’s what it tries to achieve,” he said.

Euro adoption is another way to combat Russian influence, he said: “The further Bulgaria advances in its European integration, the harder it becomes for Russia to influence the country.”

Petar Ganev, an analyst at the Sofia-based Institute for Market Economics, says that that by stepping down the outgoing government has sent a signal of uncertainty to foreign investors.

“Instead of capitalizing on euro adoption as a strong and positive signal to the international community—investors, debt holders, and those investing in Bulgarian assets and economic activity—we risk sending the opposite message,” Ganev said in an interview with the Associated Press.

Ganev believes that eurozone membership should be regarded as an opportunity, an additional mechanism to address corruption and the rule of law, although it alone cannot resolve Bulgaria’s chronic cycle of elections and political fragmentation and instability.

Economic impact may be slight

Local economists think that joining the euro will not bring dramatic changes to Bulgaria’s economy. That is because the lev has been pegged since 1999 to the euro by law, at a fixed rate of 1 lev for every 51 euro cents.

Story continues below advertisement

The lev and the euro will be in dual use for cash payments for the whole month of January, but people will receive only euros in change.

McHugh reported from Frankfurt, Germany. Valentina Petrova in Sofia contributed to this report


&copy 2025 The Canadian Press



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

Trump gifted Nobel Peace Prize by Venezuela’s María Corina Machado – National TenX News

Published

on


Venezuelan opposition leader María Corina Machado said she presented her Nobel Peace Prize medal to President Donald Trump at the White House on Thursday even as he has questioned her credibility to take over her country after the U.S. ousted then-President Nicolás Maduro.

The Nobel Institute has said Machado could not give her prize to Trump, an honour that he has coveted. Even if the gesture proves to be purely symbolic, it was extraordinary given that Trump has effectively sidelined Machado, who has long been the face of resistance in Venezuela. He has signalled his willingness to work with acting President Delcy Rodríguez, who had been Maduro’s second in command.

“I presented the president of the United States the medal, the Nobel Peace Prize,” Machado told reporters after leaving the White House and heading to Capitol Hill. She said she had done so “as a recognition for his unique commitment with our freedom.”

Story continues below advertisement

Trump confirmed later on social media that Machado had left the medal for him to keep, and he said it was an honour to meet her.

“She is a wonderful woman who has been through so much. María presented me with her Nobel Peace Prize for the work I have done,” Trump said in his post. “Such a wonderful gesture of mutual respect. Thank you María!”

The White House later posted a photo of Machado standing next to Trump in the Oval Office as he holds the medal in a large frame. A text in the frame reads, “Presented as a personal symbol of gratitude on behalf of the Venezuelan people in recognition of President Trump’s principled and decisive action to secure a free Venezuela.”

Story continues below advertisement

Trump has raised doubts about his stated commitment to backing democratic rule in Venezuela, giving no timetable on when elections might be held. Machado indicated that he had provided few specifics on that front during their discussion.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

She did not provide more information on what was said.

‘We can count on President Trump’


After the closed-door meeting, Machado greeted dozens of cheering supporters waiting for her near the White House gates, stopping to hug many.

“We can count on President Trump,” she told them without elaborating, prompting some to briefly chant, “Thank you, Trump.”

Before her visit to Washington, Machado had not been seen in public since she travelled last month to Norway, where her daughter received the peace prize on her behalf. She had spent 11 months in hiding in Venezuela before she appeared in Norway after the ceremony.

The jubilant scene after her meeting with Trump stood in contrast to political realities in Venezuela. Rodríguez remains in charge of day-to-day government operations, along with others in Maduro’s inner circle. In her first state of the union speech Thursday, the interim president promoted the resumption of diplomatic ties between the historic adversaries and advocated for opening the state-run oil industry to more foreign investment after Trump pledged to seize control of Venezuelan crude sales.

Story continues below advertisement


Click to play video: 'Trump says ‘not a thing’ Denmark can do if Russia or China wants to ‘occupy’ Greenland'


Trump says ‘not a thing’ Denmark can do if Russia or China wants to ‘occupy’ Greenland


Trump has said it would be difficult for Machado to lead because she “doesn’t have the support within or the respect within the country.” Her party is widely believed to have won 2024 elections rejected by Maduro.

White House press secretary Karoline Leavitt called Machado “a remarkable and brave voice” but also said the meeting didn’t mean Trump’s opinion of her changed, calling it “a realistic assessment.”

Leavitt told reporters that Trump supported new Venezuelan elections “when the time is right” but did not say when he thought that might be.

A ‘frank and positive discussion’ about Venezuela

Leavitt said Machado had sought the face-to-face meeting without setting expectations for what would occur. She spent about two and a half hours at the White House.

Story continues below advertisement

“I don’t think he needs to hear anything from Ms. Machado,” the press secretary said while the meeting was still going on, other than to have a ”frank and positive discussion about what’s taking place in Venezuela.”

After leaving the White House, Machado went on to a closed-door meeting with a bipartisan group of senators.

Sen. Chris Murphy, D-Conn., said Machado told them that “if there’s not some progress, real progress towards a transition in power, and/or elections in the next several months, we should all be worried.”

“She reminded us that Delcy Rodríguez is, in many ways, worse than Maduro,” he added.

Asked if Machado had heard any commitment from the White House on holding elections in Venezuela, Murphy said, “No, I don’t think she got any commitment from them.”


Click to play video: 'Trump backs Maduro ally in Venezuela, sidelines opposition leader Machado'


Trump backs Maduro ally in Venezuela, sidelines opposition leader Machado


Sen. Bernie Moreno, an Ohio Republican, was exultant following the meeting, saying Machado “delivered a message that loud and clear: What President Trump did was the most important, significant event in Latin America. That getting rid of Maduro was absolutely essential.”

Story continues below advertisement

Machado’s Washington stop coincided with U.S. forces in the Caribbean Sea seizing another sanctioned oil tanker that the Trump administration says had ties to Venezuela. It is part of a broader U.S. effort to take control of the South American country’s oil after U.S. forces captured Maduro and his wife less than two weeks ago at a heavily guarded compound in the Venezuelan capital of Caracas and brought them to New York to stand trial on drug trafficking charges.

Leavitt said Venezuela’s interim authorities have been fully cooperating with the Trump administration and noted that Rodríguez’s government said it planned to release more prisoners detained under Maduro. Among those released were five Americans this week.

Trump said Wednesday that he had a “great conversation” with Rodríguez, their first since Maduro was ousted.

Machado doesn’t get the nod from Trump

Just hours after Maduro’s capture, Trump said of Machado that “it would be very tough for her to be the leader.” Machado had steered a careful course to avoid offending Trump, notably after winning the peace prize, and had sought to cultivate relationships with him and key administration voices like Secretary of State Marco Rubio.

The industrial engineer and daughter of a steel magnate, Machado began challenging the ruling party in 2004, when the nongovernmental organization she co-founded, Súmate, promoted a referendum to recall then-President Hugo Chávez. The initiative failed, and Machado and other Súmate executives were charged with conspiracy.

Story continues below advertisement

A year later, she drew the anger of Chávez and his allies again for travelling to Washington to meet President George W. Bush, whom Chávez considered an adversary.

Almost two decades later, she marshalled millions of Venezuelans to reject Chávez’s successor, Maduro, for another term in the 2024 election. But ruling party-loyal electoral authorities declared him the winner despite ample credible evidence to the contrary. Ensuing anti-government protests ended in a brutal crackdown.



Continue Reading

Politics

IMF chief backs Jerome Powell, U.S. Fed independence amid Trump pressure – National TenX News

Published

on


International Monetary Fund chief Kristalina Georgieva on Thursday underscored the importance of keeping central banks independent and threw her support behind beleaguered Federal Reserve Chair Jerome Powell, who is facing a Trump administration investigation for renovation cost overruns.

Georgieva told Reuters in an interview that there was ample evidence that central bank independence worked in the interest of businesses and households, and that evidence-based, data-based decision-making is good for the economy.

The IMF managing director said she had worked with Powell and respected his professionalism.

“I have worked with Jay Powell. He is a very good professional, very decent man, and I think that his standing among his colleagues tells the story,” she said, when asked about a letter of support signed by her predecessor, Christine Lagarde, now head of the European Central Bank, and other large central banks.

Story continues below advertisement

Powell on Sunday disclosed that the Trump administration had opened an investigation into him over cost overruns for a $2.5 billion project to renovate two historical buildings at the Fed’s Washington headquarters complex.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Powell denies wrongdoing and has called the unprecedented actions a pretext to put pressure on him for not bowing to U.S. President Donald Trump’s long-running demands for sharply lower interest rates.


Click to play video: '‘Too late’: Trump slams U.S. fed chair Powell as either ‘incompetent or crooked’'


‘Too late’: Trump slams U.S. fed chair Powell as either ‘incompetent or crooked’


The probe has sparked widespread criticism from some key members of Trump’s Republican Party in the U.S. Senate, which must confirm his nominee to succeed Powell, along with foreign economic officials, investors and former U.S. government officials from both political parties.

Trump has repeatedly derided Powell’s leadership of the Fed and attacked him, often personally, over what he sees as the Fed chair’s slow moves to cut interest rates. On Wednesday, he dismissed concerns that eroding central bank independence would undermine the value of the U.S. dollar and spark inflation, telling Reuters, “I don’t care.”

Story continues below advertisement

Georgieva said the IMF looked carefully at issues such as monetary and financial stability, as well as the strength of a country’s institutions. It was specifically interested in the Fed, given the role of the U.S. dollar as a reserve currency.

“It would be very good to see that there is a recognition … that the Fed is precious for the Americans. It is very important for the rest of the world,” she said.

Trump has also attempted to fire another Fed official, Governor Lisa Cook, who has challenged her termination in a legal case that will be argued before the Supreme Court next week.




Continue Reading

Politics

B.C. Premier David Eby says province’s LNG, mining of interest to India TenX News

Published

on


B.C. Premier David Eby spoke to reporters on Thursday morning from Mumbai, India, during his six-day trade mission.

He said that mining and energy companies in India are showing an interest in B.C.

“They are looking strongly to LNG as one of their ways of reducing carbon intensity, as well as reducing smog in the country,” Eby said.

“And so B.C. LNG has been an item of considerable interest, especially the projects that are reaching final investment decision over the next year — LNG Canada Phase 2, KSI Lisims LNG — as well as the projects that are under construction like Woodfibre LNG.”


Click to play video: 'B.C. looks to deepen trade ties with India'


B.C. looks to deepen trade ties with India


Eby was also asked about the rise in extortion cases in B.C.

Story continues below advertisement

He said the province’s extortion task force will provide an update next week.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

“We have assembled a remarkable and historic task force, RCMP, CBSA,” Eby said.

“There are more police in Surrey right now than there have ever been. The RCMP has surged resources into the community.”

Eby said he has not been happy with the fact that there has been no update from the task force and he has asked them to provide one.

“There have been some important developments, people deported, an arrest here in India, cooperation between the Indian government and the Canadian government on this at the law enforcement level,” he added.

“That needs to continue, but, bluntly, we need better results, we need to see more arrests and whatever we can do to support the police to get the job done, we will do so.”

As of Jan. 12, Surrey police said there have been 16 reported extortion incidents in the city since the beginning of the year.


&copy 2026 Global News, a division of Corus Entertainment Inc.



Continue Reading

TRENDING

Copyright © 2022 TenX News Network