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August 20th, 2009, Thursday, 10:11
Bulgaria will not be able to use even half of the funds of 6.6 billion euro earmarked by the European Union for operational programs, says the head of the Bulgarian Institute for Management Programs and Projects, Petar Stoianov to Darik radio.
Bulgaria has used so far only 1.2% of the 13 billion leva (6.6 billion euro) made available by the EU in 2007-2013, for European programs, said Stoianov.
Therefore, small and medium firms have asked the new government to take urgent steps to improve legislation on projects financed by European funds.
The companies’ representatives suggested to invite a mission of the European Commission. However, they stressed the need for a better cooperation between authorities and the speed of resolving the cases of fraud.
Stoianov believes that a company with mixed capital, state and private or even with exclusively public participation, should be established to help small town’s councils to apply for European projects.
Tags: bulgaria, Currency, EU funds, Money
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August 3rd, 2009, Monday, 11:04
Bulgaria will apply in November for entry in the mechanism of the European exchange rates (ERM-2), the test of EU monetary stability for two years that the country must pass it before he quit in its own currency, leva, and adopt the single currency, announced by the Bulgarian Finance Minister Simeon Djankov, quoted by Bloomberg.
“We have already started to prepare the documents necessary to apply for entry in the ERM in November,” said Djankov.
There is a great insecurity about what’s happening in the region in terms of financial crisis. This does not affect the application, but could influence how quickly it will be reviewed.
The mechanism in rates will make Bulgaria, the poorest country in the EU, closer to the euro area and to the umbrella protection of the European Central Bank. Bulgaria and Baltic countries Latvia, Estonia and Lithuania were forced to oppose the pressure of devaluation of currencies against the backdrop of the recession in Eastern Europe.
Bulgaria, which joined the EU in 2007, was forced to abandon initial plans to enter ERM-2 shortly after accession due to accelerate inflation and a current account deficit record.
Tags: bulgaria, Currency, euro area, Money
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July 28th, 2009, Tuesday, 10:01
Californian Congress, American state threatened to bring in inability to pay because of a budget deficit of 26 billion dollars, approved a radical plan to reduce spending by up to 15 billion dollars.
Plan provides savings in areas such as education and public health and reducing the salaries of civil servants.
The project noted, original, opening of areas for marine petroleum exploitation. The provision was rejected, but by politicians.
Last threat that could impede the adoption of the budget project was removed when the members of Democratic Party in Congress have abandoned their project, to reduce by 27,000 the number of detainees in prisons to save 1, 2 billion dollars.
State Governor, Arnold Schwarzenegger, believes that it will allow authorities to avoid increasing taxes. More recently, rating agencies have reduced grades debt to California, state severely affected by the crisis and rising unemployment.
Tags: budget deficit, crisis, Currency, Money, U.S.A
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July 23rd, 2009, Thursday, 11:15
A new scandal is on the American economic and policy scene, notes the Financial Times.
Some banks that have received aid under the financial support for Tarp (Troubled Asset Relief Program, amounting to 700 billion U.S. dollars) used the money to buy their competitors.
This is one of the conclusions of the report prepared by GIS-Tarp, official evaluator of the program. Generally, SIG-TARPR data indicates that 360 of the recipient banks, 83% were used, however, funds to support the lending, 43% - to increase their equity holdings, 31% - for investments, 14% - for the payment flow, while 4% have used to make purchases from other banks.
Although GIS-Tarp shows report as an instrument to ensure transparency of government to support the banking sector, the signs of question on how they are using the money left. These questions will persist, Financial Times notes, as long as the Treasury Department will continue to refuse access to detailed data on each bank separately.
“It is impossible to say how the money of the Tarp was used in a particular loan, a certain investment or of a certain acquisition “indicate in the report, Herb Allison, chief of Tarp program.
Tags: aid, Currency, invest, Money
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July 9th, 2009, Thursday, 08:00
Italy will propose reducing taxes for the money transferred by migrants to countries of origin.
Italy will propose to the G8 summit, a significant reduction in bank fees for transfers made by immigrants to countries of origin, announced Tuesday Italian foreign minister Franco Frattini, quoted by AFP.
“We will unlock in that year, 13 billion dollars for Africa. We will adopt this proposal, together with African countries”, Frattini said in an interview with the daily La Stampa.
“We also propose a reduction of tax which will allow each consumer to allocate part of the VAT to a clear project”, the minister announced, without specifying the mechanisms envisaged for this measurement.
Tags: Currency, italy, Money, taxes
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