Bulgaria and the euro

Finance Minister Vladislav Goranov said that although Bulgaria wants to accede to the Eurozone immediately, it realises that it is not fully prepared to introduce the common European currency yet.

Goranov added in an interview for Darik radio on Saturday that this will happen when the other members of the Eurozone agree on Bulgaria to do so.

Bulgaria's government is starting talks with the governments of the 19 eurozone countries on joining the eurozone, according to Finance Minister Vladislav Goranov.

Goranov visited Vilnius Thursday on the occasion of the Lithuania's eurozone accession and the abolition of the local currency, the Lithuanian litas (LTL).

Bulgaria's government on Tuesday adopted a draft budget update, raising the deficit target to up to 3.7% of projected 2014 GDP to provide for increased spending and lower-than-planned revenue.

A European Commission report on euro-area convergence released on Wednesday says that of eight EU member states, only Lithuania meets all the criteria for joining the euro.

Romania and Bulgaria are among the countries that are not ready yet to switch to the single currency, according to the report.