Bulgaria tells Brussels it can't guarantee failed bank deposits

BNB governor Ivan Iskrov

Forcing Bulgaria's banks to contribute to a deposit guarantee fund would destabilise the country's banking system without raising enough to provide a meaningful guarantee, according to the Bulgarian finance minister and central bank governor in a letter they sent to the European Commission this week.

Moreover, they said, due to political turmoil in the country, there is no way new legislation could be passed before parliamentary elections are held in early October – meaning a government loan to

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