Документ за Допускане на АмонРа Енерджу АД

Документ за Допускане на АмонРа Енерджу АД

СЪОБЩЕНИЕ ЗА ПЪРВИЧНО ПУБЛИЧНО ПРЕДЛАГАНЕ НА АКЦИИ ОТ УВЕЛИЧЕНИЕТО НА КАПИТАЛА НА „СИН КАРС ИНДЪСТРИ“ АД

„СИН КАРС Индъстри“ АД - акционерно дружество, вписано в Търговския регистър към Агенцията по вписванията, с ЕИК 205148318, със седалище и адрес на управление: Република България, гр. София, п.к. 1000, р-н Слатина, ул. „Голаш” № 3, ет. 3, ап. 7 („Дружеството“, „Емитентът“), с настоящото информира инвеститорите относно условията на първично публично предлагане на до ...

Син Карс Индъстри АД

Син Карс Индъстри АД уведомява обществеността, че на свое заседание, проведено на 12.08.2022г. на основание чл.38, ал.6 от Устава на Дружеството, Съветът на директорите взе решение за увеличение на капитала на Дружеството. Пълният текст на новината можете да намерите тук Уведомление за увеличение на капитала ...

CEZ set to sell Bulgarian distribution, renewable assets (22.02.2018)

PRAGUE/SOFIA (Reuters) - CEZ (CEZP.PR) has approved the sale of its remaining assets in Bulgaria to Inercom Bulgaria and expects to sign a contract on the deal in a few days, the Czech electricity producer said on Thursday. CEZ’s supervisory board has given its approval for sale of an energy distributor that provides electricity to over 3 million people in northwestern Bulgaria, an energy trade ...

How to participate in the preferred shares public offering of Sofia Commerce – Pawn Shops AD?

You can participate in the preferred shares public offering of Sofia Commerce – Pawn Shops AD. The share subscription opens on 27th of June 2016 /Monday/ and closes on 12th of July 2016 /Tuesday/. You would need the following documents: - ID;- Contract with a licensed Investment intermediary; Prospectus for the preferred shares public offering: Download here Corporate profile: Download here Offering schedule: Download here The Investment Intermediary servicing the offering is DISL Securities AD. Contact detai ...

Tomorrow's smart city begins in South European country (15.05.2017)

A massive development in the capital of Bulgaria will showcase the latest high-tech innovations for both offices and residences, Zhuan Ti reports. A project supporting the Belt and Road Initiative, a new cooperation program between Bulgaria and China was officially launched during the opening of a two-day event on Sunday in Beijing, marking major progress in establishing one of Europe's smart cities in ...

FSC has officially approved the Tender Offer for Bulstrad Vienna Insurance Group (27.07.2017)

The Financial Supervision Commission (FSC) did not issue a ban for TBI Bulgaria EAD to purchase the shares of the insurance company Bulstrad Vienna Insurance Group AD through investment intermediary D.I.S.L. Securities AD from the minority shareholders of the company. Subject to this tender offer are 19,559 shares of the insurance company 'Bulstrad Vienna Insurance Group',  which represent ...

Sofia Commerce – Pawn Shops AD issues preferred shares with a 12% fixed annual dividend (28.06.2016)

Sofia Commerce – Pawn Shops AD is to issue up to BGN 5.5m in new preferred shares. The shares have a nominal value of BGN 1.00 and issue value of BGN 5.00. They offer a 12% guaranteed annual dividend with a maturity of 5 years. The issue would be considered successful if no less than 200,000 shares are subscribed, or 18% of the total shares offered. The subscription of the preferred shares is e ...

Ilian Scarlatov: There are serious fundamentals behind the rise of BSE (03.10.2016)

“The issue of the first exchange-traded fund (ETF), based on SOFIX, marked a momentous week for the Bulgarian capital market” said managing partner at Capital Mane Ilian Scarlatov at the Boom & Bust interview for Bloomberg TV Bulgaria. According to him, there are serious fundamentals behind the rise of the Bulgarian Stock Exchange (BSE). "I first saw a very good integration between the Min ...

Sofia Commerce – Pawn Shops AD issues 1.11m preferred shares (20.06.2016)

Sofia Commerce – Pawn Shops plans to issue 1.11m preferred shares with nominal value of BGN 1.00 and issue value of BGN 5.00 after the Financial Supervision Commission approves the Prospectus. This would allow the company to raise up to BGN 5.55m. The new issue is a result of a decision made at the General Shareholders Meeting, which took place on 8th of April 2016 and at the Board of Direct ...

CEZ продава активите си в България на "Инерком" (22.02.2018)

Надзорният съвет на чешката компания CEZ е дал съгласие за продажбата на активите си в България на "Инерком", сочи съобщение на сайта на CEZ. Пакетът от активи включва седем компании: "ЧЕЗ България", "ЧЕЗ Електро България", "ЧЕЗ Разпределение", "ЧЕЗ Трейд България", "ЧЕЗ ИКТ България", фотоволтаичната централа "Орешец" и дружеството за производство на електричество от биомаса "Бара Груп". Подписван ...

Sofia Commerce plans to issue up to 5m new preferred shares (12.01.2016)

Sofia Commerce – Pawn Shops AD plans to issue new preferred shares, as the last dividend of the previous preferred issue is fully paid out. This decision was taken at the last General Shareholders Meeting on 16th of February 2016, published on Investor.bg. The decision for the new preferred shares and for the General Shareholders Meeting was taken by the Board of Directors in a meeting that ...

The long road of Musachevo towards Macao (29.05.2015)

“Saint Sofia” in numbers: - Area: 1.3m square meters.- Investment: EUR 1.5bn - Expected start date: October 2015- Expected finish date: Summer 2018 Main components: - Hotels with a capacity of 3,600 rooms, which makes the project one of the largest in Europe.- Exhibition center with a capacity of 31,000 people, suited for large events and conferences.- Golf course “Saint Sofia&rdqu ...

Ilian Scarlatov in the studio of Investbook Bulgaria On Air (04.06.2015)

Ilian Scarlatov, managing partner of the Bulgarian investment bank Mane Capital, comments on the brave task of Welcome Holdings – the construction of the city tourism project St. Sofia. Brave, not only because of the project itself, but also because of the interesting approach of raising capital through warrants. The investment bank Mane Capital is managing the warrant issue. According to Mr. Scarlato ...

Is the Bulgarian capital market attractive for SMEs? | Bulgaria On-Air (24.05.2015)

Yani Dragov, majority shareholder of Smart Organic comments on the upcoming listing of the company on the BSE. When would it happen, what amount they are trying to raise and how the producers of the Roobar snacks plan to invest the new funds. Ilian Scarlatov, managing partner of the boutique investment bank MANE Capital, which is responsible for structuring the IPO, comments on whether the Bulgarian c ...

Yani Dragov: We want Smart Organic to raise BGN 3m from the Bulgarian Stock Exchange (20.05.2015)

Our aim is to expand production lines and export to the US. What are the objectives of the company Smart Organic, who announced the company is preparing to do an IPO and how are the Roobar snacks doing around the world – comments in an interview for Investor.bg Yani Dragov, majority shareholder of the company. Yani Dragov has studied in the Technical University in Munich and later on in LMU i ...

Ilian Scarlatov: Why the money on the Capital Markets doesn't “talk”? | The Sound of Money (13.05.2015)

“Truthfully, I am an optimist, even though I may not give off such impression. I am an optimist, because I believe that we can succeed regardless of the country. All of us who decided to return and stay in Bulgaria believe that we can do something and leave it for the future generations.” said Ilian Scarlatov, managing partner at the investment bank Mane Capital during the panel “Economic pr ...

Welcome Holdings AD issues up to 1.375bn warrants (18.05.2015)

Board of Directors of Welcome Holdings AD-Sofia (WCO) decided to issue warrants under the IPO conditions. This became clear from the protocol of the emergency general meeting that took place on the 16th of March 2015. The total value of the warrant issue would be BGN 1,375,000. The nominal value of 1 warrant is 0,001. Total number of warrants is 1,375,000,000. The warrants would have an exercise opt ...

Vesselin Zahariev: There are many investors but they want a good regulatory framework | Financing mechanisms in the Water Supply and Sanitation (WSS) sector (12.05.2015)

There are over $20-40bn for the WSS sector, which are waiting to be invested every year. It’s attractive, because the cash flows are easy to forecast and depending on the price of the services, you can tell what streams of revenue those WSS holdings can generate in the next 25 years. Bulgaria has numerous WSS operators which have a constant need of investments in infrastructure. Therefore, we h ...

Roobar announced its upcoming IPO | Sound of money (12.05.2015)

When I graduated in Germany I never thought we are ranked lower than the western Europeans. I never thought that Bulgaria is the only market for Smart Organic, said Yani Dragov. During the first two years of our business, we only imported bio foods for wholesale purposes. Two years later we were number one in Bulgaria distribution-wise, so we had to think of something else. That's how we invented our ...

Yani Dragov: Bulgaria’s strengths lay within the niche products | Sound of Money (12.05.2015)

Bulgaria doesn't have a good reputation in Western Europe in almost every aspect except the food sector. We still have a good reputation for clean nature and suitable environment for bio agriculture and bio production. Most of our foreign partners are surprised that we are from Bulgaria but not in a negative way, said Yani Dragov, executive director of Smart Organic. The bio foods sector has a huge grow ...

Ilian Scarlatov: The crisis shows the dependency of the banks in Europe | Sound of Money (12.05.2015)

We are not going to talk about the crisis today, but rather about the conclusions we have made from the crisis, commented Ilian Scarlatov, managing partner of the Bulgarian investment bank Mane Capital and moderator of the Capital Markets panel, during the Sound of Money event, which took place earlier today. This gives us hope that we are coming out of the financial crisis and shows what could happ ...

Industrial Holding Bulgaria successfully issued bonds (15.04.2015)

The company has successfully raised almost BGN 50m from the public offering. Nearly all of the issued bonds of Industrial Holding Bulgaria were subscribed during the initial public offering (IPO), company officials said. From the offered 500,000 bonds, 499,996 were subscribed and paid. This way, the holding received almost BGN 50m. The bonds are convertible, which means that at maturity date the holder ...

Industrial Holding Bulgaria issued convertible bonds for BGN 50m (15.04.2015)

Industrial Holding Bulgaria AD informed Investor.bg for the successful IPO of convertible bonds. Intermediary of the bond issue is Allianz bank Bulgaria, while manager is the leading Bulgarian investment bank MANE Capital. The public offering ended on the 9th of April 2015 with subscribed and paid 499,996 out of 500,000 convertible bonds. The term of the issue is 3 years with an annual interest ...

Industrial Holding Bulgaria increased its capital after conversion of its matured bonds issue (07.04.2015)

The capital of the holding will be increased by 14% after 31% of the matured bonds are converted. Industrial Holding Bulgaria AD will increase its capital by BGN 9,422,100 or 14% from BGN 67,978,543 to BGN 77,400,643 as stated in an announcement made by the holding officials published on Investor.bg. The increase comes as a consequence partly from the conversion of the previous 9-year bond issue o ...

Industrial Holding Bulgaria will issue bonds for BGN 50m (20.02.2015)

The proceeds would be used to pay out old liabilities and for new investments. Industrial holding Bulgaria will issue new bonds valued at BGN 50m, said the manager of the issue – Investment Bank Mane Capital. The prospectus is approved by the Financial Supervision Commission and will be published in several days. The holding would use one part of the funds to refinance old debt and the other t ...

Gimel competes with the largest Bio producers in Europe (19.02.2015)

Gimel is a Bulgarian producer of bio fruits and vegetables. The company was founded in 1995 and it has a 15 year experience in the methods of producing bio foods. About 80% of its production is exported. From the year 2000, the group exports bio vegetables for Germany, Czech Republic and Austria. In 2003 it began exporting for the Scandinavian countries and in 2013 Gimel opened a new franchise in Ro ...

The sweet growth of Roobar (22.01.2015)

Mixing crushed nuts with dried fruits into an energy bar could look like an easy task which takes 5 minutes in the kitchen. However, when you are preparing the recipe on a daily basis for thousands of people around the world, it becomes something much more complicated. It might be considered strange, but sometimes you have to take the role of a mechanical engineer or even a world class negotiator. Ev ...

The cost for execution of the warrants of Pig Farm - Nikolovo falls by 17% (05.11.2014)

The cost for execution of the warrants of Pig Farm - Nikolovo has fallen by 17% from BGN 3.00 to BGN 2.50. The reason is the capital increase with own proceeds from BGN 2.625m to BGN 3.5m. This is the third issue of warrants on BSE- Sofia. The previous two were issued by Enemona AD and Investor.bg AD. Last year, only 3 deals with the shares of Pig Farm - Nikolovo AD at prices ranging from BG ...

The golf field of Krasimir Gergov would have a new owner by the end of the year (06.10.2014)

Golf Club St. Sofia located close to the village Ravno Pole will have a new owner by the end of the year. The negotiations for Krasimir Gergov’s golf course have been ongoing for the past few months and several days ago, the future owner – Bulgaria Development Holding Ltd., partially paid out its liabilities. The buyer holding belongs to the Chinese billionaire Steven Lo, who is the ma ...

The entertainment city project near Musachevo would be traded on the BSE (02.09.2014)

The investor Bulgaria Development Holdings Ltd. plans to merge with the public company Welcome Holdings. The gigantic multibillion project of Steven Lo would be traded on the BSE. This would happen through the company Welcome Holdings, which he acquired from Greek investors this spring. From the General Shareholder Meeting of Welcome Holdings, it became clear that the goal is to merge with another co ...

FEEI REIT acquired BGN 1.01m through capital increase (24.04.2014)

EESF REIT (EESF – Energetics & energy savings fund) completed the negotiations for capital increase by acquiring BGN 1,012,867.20 or 562,704 shares, with a nominal value of BGN 1.80.   A total of 3.61% of the maximum BGN 28m were subscribed. The minimum expectation for the issue was 1 share. The expenses totaled BGN 52,436.40 including compensations, rewards, and taxes. The last date for ...

Asian investors with a planned investment of EUR 1.5bn (16.04.2014)

Over EUR 1.5bn for a grand project for city tourism in Bulgaria under the name St. Sofia are going to be invested by a group of businessmen from China, Malaysia, Hong Kong and Singapore. Initially, the main investor was the multibillion dollar businessman Steven Lo. Up until now, he is the sole owner of Bulgaria Development Holdings Ltd. but it is becoming clear there will be others. Their names wou ...

The Chinese investor Steven Lo acquired 95% of Welcome Holdings AD (10.03.2014)

The Hong Kong investor Steven Kit Sing Lo, who is planning a massive project near the region of Musachevo added the public company Welcome Holdings AD to his portfolio of Bulgarian companies. A deal was registered in the Central Depository for the acquisition of 95% of the capital of Welcome Holdings – a company with Greek origin and main activity of creating and running cafeteria chains. Th ...

SOFIX reached a new peak at 600 points (06.03.2014)

Optimism in the market is mainly due to positive sentiment rather than robust earnings.” said Vesselin Zahariev, partner at Mane Capital. The leading Bulgarian stock index –SOFIX- grew 1.5% during today’s session to 605.94 points. The index is up 1.9% since the beginning of the week and 23.3% from the beginning of the year. The last time when SOFIX closed at 600 points was on 22 Octo ...

Pig Farm - Nikolovo AD successfully subscribed 2.6m warrants (26.02.2014)

The amount of money raised from the warrant issue is BGN 1.1m. The warrant price was BGN 0.41 with 4 years of maturity. Every warrant gives the right to subscribe 1 share at a price of BGN 3.00. This is the third warrant issue on the Bulgarian capital market. All three warrant issues were structured by Mane Capital, a boutique investment bank.   Original Article LinkSource: Investor.bg ...

Consortium “Kamburov-European Program” advisory- Mane Capital will determine the fair value of the Bulgarian Stock Exchange (BSE) and Central Depository (CD) (20.02.2014)

Consortium “Kamburov-European Program - Advisory Mane Capital” won the auction for the valuation of the BSE and the CD, said the The Privatization and Post-Privatization Control Agency. The consortium will provide valuation and information memorandum for 50.0542% of the BSE and 43.70% of the CD, which have been planned for privatization. This is the second time the BSE and CD are being p ...

Indexes advance, with losing stocks taking a big fall (28.01.2014)

Sviloza declined 14.0% last week after reaching 86.0% growth since the beginning of the year. The BSE indexes continue their upward movement and closed as follows: SOFIX (+0.4%) at 548.68 points, BGBX40 (+0.2%) at 109.86 points, BGTR30 (+0.1%) at 387.29 points and BGREIT (+0.2%) at 90.20 points. The main European indexes declined following the downturn of the US equity market last week.“Ther ...

The local indexes advance as international equities fall (24.01.2014)

“There is a weak correlation between the Bulgarian Stock Exchange and the international markets, which reflects the positive acumen of small investors and partially the lack of large ones” said Vesselin Zahariev, partner at investment bank Mane Capital. Two weeks of consecutive gains on the Bulgarian stock market. SOFIX grew 10% from the beginning of the year. Today the indexes closed ...

Pig Farm - Nikolovo AD rights trading will start on 17th of January 2014 (14.01.2014)

According to the Bulgarian Stock Exchange (BSE), Pig Farm - Nikolovo AD rights trading will start on 17th of January 2014. A total of 2.625m warrants will be issued at BGN 0.41 per right and BGN 3.00 per warrant, thus the price per stock will be BGN 3.41. The warrants have a 4-year maturity. At least 10% of the warrants (262,500) have to be subscribed for the issue to be successful, which will prov ...

Pig Farm - Nikolovo AD raising BGN 1m through a warrant issue on the Bulgarian Stock Exchange (BSE) (10.01.2014)

Pig Farm - Nikolovo AD is planning to motivate its management by introducing equity compensation for good performance into their pay structure. The company is going to issue warrants for BGN 1m. A part of the securities will be distributed between top and middle management and will be tradable on the BSE. Mane Capital, the leading boutique investment bank in Bulgaria, will manage the warrant issue.   Subscription A total of 2.625m warrants will be issued wi ...

The equity issue prospectus of Energetics and Energy Savings Fund (EESF) was approved (08.01.2014)

The Financial Supervision Commission approved the prospectus for issuing 15,565,688 stocks to EESF, with issue price of BGN 1.80 per stock.

Manager of the equity issue is Bulgaria's leading boutique investment bank - Mane Capital.

Download Prospectus Here

Four candidates submitted proposals for valuation of the Bulgarian Stock Exchange (BSE) the Central Depository (CD) (07.01.2014)

Four candidates submitted proposals to make the valuation and prepare the privatization procedure for the BSE and the CD according to the Privatization and Post-Privatization Control Agency. The deadline for submitting the proposals was 6th of January. The Agency has two weeks to produce an official statement and present it to its executive board. This deadline can be extended if there are any queries co ...

The Financial Supervision Commission (FSC) approved the prospectus for the increase in the shareholders’ equity of Pig Farm - Nikolovo AD. (18.12.2013)

The FSC approved the prospectus for the issue of 2,625,000 warrants by Pig farm - Nikolovo AD with price of BGN 0.41 per warrant.

Bulgaria's leading boutique investment bank Mane Capital managed the warrant issue.

Download Prospectus Here

Sofia Commerce-Pawn Shops raised EUR 1.5m from its convertible bond issue (16.12.2013)

Sofia Commerce-Pawn Shops raised EUR 1.5m from its convertible bond issue. A total of 15,058 convertible bonds were subscribed for EUR 100.00 face value. The minimum expectation for the issue was EUR 1m and the maximum was EUR 2.5m. A total of 12,900 unexercised rights were subscribed before the auction and another 461,856 after the auction, which collectively gave the opportunity to subscribe another ...

Issue price of BGN 1.80 per share for the equity issue of Energetics and Energy Savings Fund (EESF) (21.10.2013)

Common stock before new issue (in number of shares): 3,891,422 Issue size (in number of stock): 15,565,688 Ratio between rights issued and the new shares: ¼ Price per newly issued share: BGN 1.80 The company plans to raise new capital over BGN 28m Manager of the equity issue is Bulgaria's leading boutique investment bank - Mane Capital.   Original Article Link ...

The Financial Supervision Commission (FSC) approved the prospectus for Sofia Commerce-Pawn Shops convertible bond issue (11.10.2013)

The convertible bonds will be issued at a face value of EUR 100.00 each with conversion price of BGN 8.149 per share. The bonds have maturity of 36 months (3 years) and yield 12% per annum. Manager of the bond issue is Bulgaria's leading boutique investment bank - Mane Capital.   Download Prospectus Here ...

From the banks to the stock exchanges (04.07.2013)

The experts predict an increase in the demand towards Europe’s capital markets, but that does not mean the road ahead will be smooth. The FESE (Federation of European Securities Exchanges) said that bank financing will be slowly crowded out by capital market funding in Europe.   Original Article Link Author: Ilian Scarlatov ...

Westpark Financial Group acquired 96.4% of Pig Farm - Nikolovo AD (27.05.2013)

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We must improve the post-privatization control (14.05.2013)

There is still a long way to go, but changes should be made to improve the post-privatization control and the transparency. There should be some interesting companies such as post offices and irrigation systems, that will no longer be on the privatization “black list” regardless of how the government will be structured.” said Ilian Scarlatov, Managing Partner at Mane Capital at th ...

The Exchanges in the region are a total “outsider” (14.05.2013)

In the beginning of the spring, one of the key players in the Bulgarian capital markets, the Belgian company KBC Securities, declared it will shut down its operations in Bulgaria. Part of the team of the firm will continue its investment banking and corporate finance activities under a newly founded company - Mane Capital. The reasons for the KBC exit from the market as well as the future plans of ...

Ilian Scarlatov: There has to be predictability and rules in Bulgaria (14.05.2013)

“The pension system is in the context of many things, including education, however what kind of pension reform and education are we expecting when the rule of law is weak.” said Ilian Scarlatov, Managing Partner at the investment bank Mane Capital at the “The Sound of Money 2013” annual conference, according to profit.bg.  What happened to the first and second category ...

Ilian Scarlatov: Bulgarian politics is the authority of the stock exchange at the moment (27.02.2013)

“Reduction in the uncertainty surrounding the Bulgarian Stock Exchange is expected after the elections. I expect very significant upward movements 1 month after the elections” said Ilian Scarlatov, Managing Partner at the Bulgarian boutique Investment Bank Mane Capital. - Mr Scarlatov, we are seeing a downward trend on the Bulgarian Stock Exchange (BSE) in the first two days of the week as ...

Sofia Commerce - Pawnshop A.D. (GSC) plans to issue up to BGN 5 million in convertible bonds (25.02.2013)

The proceeds from the issue will be used to acquire competitors and boost liquidity. The yield on the bonds will be 12% per annum, uncollateralized, freely transferable and convertible. The firm will issue 50,000 bonds with maturity of 36 months (3 years) and EUR 100.00 face value.   Original Video Link ...

What made Jim Rodgers interested in investing in Bulgaria? (22.01.2013)

“I am planning to invest in Bulgaria” said Jim Rodgers, Chairman of Rogers Holdings and Beeland Interests in a Gold Radio Café interview on the 17th of January 2012. Rodgers added that Bulgaria seems to be the only country which shows potential among the Balkans.The question is how Rodgers came to that conclusion?According to Investor.bg, a detailed analysis made by Ilian Scarla ...

Video - Deal of the Week: Boost in Demand for high-return stocks (04.01.2013)

There is an on-going demand for high-yield securities. Can the Bulgarian issuers take advantage of this trend? Commentary by Ilian Scarlatov, Managing Partner at the boutique investment bank Mane Capital and Georgi Konstantinov from Volksbank.

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Video - INVESTBOOK: Capital Gains Tax? (15.10.2012)

Commentary by Ilian Scarlatov, Managing Partner at the boutique investment bank Mane Capital and Vasil Velev, President of the Bulgarian Association of Industrial Capital.

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Video - INVESTBOOK: The effect of the “cheap” loans coming from the ECB (01.03.2012)

Commentary on the segmentation of the Bulgarian Stock Exchange: Ilian Scarlatov, Managing Partner at the Bulgarian Investment bank Mane Capital and Ivan Takev, CEO of the Bulgarian Stock Exchange.

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Video: Analysis of the Stock Exchange (03.07.2009)

Comments by Ilian Skarlatov, CEO of KBC Securities Bulgaria.

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Bulgaria Most at Risk From Grexit, Morgan Stanley Says (11.05.2015)

Bulgaria has more to lose than its southeast European neighbors Romania and Serbia in a potential collapse of the Greek economy, Morgan Stanley said in a report. “Greek banks hold a significant share in Bulgaria, Romania and Serbia, with the highest share of foreign claims being in Bulgaria,” Morgan Stanley Research said in the report on Monday. “While the direct economic impact ...

Ilian Scarlatov for Bloomberg: Merkel’s Right, Greece Should Act Like Bulgaria (24.07.2012)

Earlier this month, German Chancellor Angela Merkel cited Bulgaria as an exemplar of fiscal virtue in its response to the financial crisis. It isn’t every day that Bulgaria, still the poorest country in the European Union, is held up as a role model. The only way to understand Merkel’s praise was as a parable for her belief that countries that spend more than they earn have to go throug ...