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Bulgaria to Amend Constitution for Financial Stability by June

1 min read Source: Novinite

From our news archive: this article was published in May 2011. Figures and rules may have changed since.

The Bulgarian Constitution will be amended by June to enforce the provisions of the new Financial Stability Pact, announced PM Boyko Borisov Sunday.

"I hope for the support of all political parties to the Financial Stability Pact, which will turn Bulgaria into a respected and highly trustworthy state," said Borisov in an interview for Nova TV.

The so-called Pact, envisioned by Minister of Finance Simeon Djankov includes three main pillars, to be enforced by constitutional and legislative amendments:

  • introducing a limit to the budget deficit (2%);

  • restricting the power of the state to redistribute public funds (40% of GDP);

  • introducing a qualified majority (2/3) vote in Parliament to change Bulgaria's tax legislation.

Originally published by Novinite.