Resignation 'Will Not Lead to Economic Recovery' - BIA Chairman

The resignation of the government will worsen Bulgaria's economic situation, as political struggles will scare investors away, an industrial union's Chairman believes.

His comments came after the Bulgarian Parliament approved a cabinet request to step down on Thursday.

Dark times await the Bulgarian economy despite the resignation of the government, with lack of transparency about the financial-economic situation in the country ongoing since May, a statement by the Bulgarian Industrial Association (BIA) Chairman Bozhidar Danev reads.

"On top of everything come the problems with [Corporate Commercial Bank] KTB. That means that this sector of the economy will be blocked.", Danev is quoted by Focus News Agency as commenting.

He describes the affair as "the last straw for syndicates and employers that shattered the behavior toward the political elite that during the last few months has shown a complete lack of interest in the condition of the economy and the development of society."

Danev cited as an appropriate indicator for this behavior the fact that the Bulgarian National Bank (BNB), the government and all political party leaders announced that on July 21 KTB will open.

"Not only didn't that happen but also there was no-one who had the courtesy to state the reasons why the bank is still closed".

In Danev's view, unless there is a stable government with a market attitude toward the Bulgarian economy, nothing good awaits the country.