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Stock Markets Want to See Velchev as the Vice PM
Local elections would be "major stress" to the Cabinet, maintains Timothy Ash, Bear Stearns analyst, on BBC
Ash commented that the withdrawing of the resignation of Bulgaria's Finance Minister Milen Velchev was a political decision made by Velchev himself. That move aimed at improving Velchev's position in the Cabinet and urged the solving of certain problems such as the fiscal policy.
I am surprised that the agreement on Velchev's resignation was reached so quickly, Ash commented, adding that the structural reform in Bulgaria is more serious problem than the fiscal policy.
He also said that the municipal elections would be "major stress" to Bulgaria's ruling NMS as there were expectations that the party would not be very successful on the oncoming elections.
In Timothy Ash' words NMS would not manage to keep the promises given to the Bulgarians before being elected. He also said that the withdrawing of Velchev's resignation shows the weakness of the Cabinet.
However, the best scenario for most of the investors on the stock markets was that Velchev would remain Financial Minister, Ash said. To Ash, the situation in Bulgaria might worsen if urgent and serious measures in the entire policy of the country are not taken
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