Analysis of the impact of recent fiscal crisis in Europe on Bulgarian economy includes risks and opportunities for Bulgaria in 2010-2011 and industry forecasts.
Since our previous report in late-2009 governments in the developed world decided to continue the policy of fiscal expansion as a means to cover or disguise losses and problems in both banks and the real sector. In EU countries that lead to a massive growth of budget deficits. On one hand, such a Keynesian stimulus prevented natural deflationary tendencies which would have rebalanced the prices and restore competitiveness in the private sector. On the other hand, public debt reached levels that scared the markets (creditors) at last.
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