Debt

Rising Debt Among Young Bulgarians: A Concern for Financial Literacy

The number of young people up to the age of 25 who are heavily in debt is on the rise in Bulgaria, with the fastest-growing demographic being young individuals, even those with stable incomes. Financial mismanagement is primarily to blame, particularly among men, who tend to incur more debt than women.

Servicers seek ‘ghost’ debtors

Debt management companies are diving into the hard core of the private debt owed to banks and, mainly, funds that have bought the bad loans, and have so far succeeded in streamlining loans amounting to approximately 10.3 billion euros out of the total of €98 billion they undertook to be managed, with an emphasis on those from 2021 onwards.

Bulgaria Ranks 35th in Global Wealth, Household Financial Assets Up 5.8% in 2023

Bulgaria ranks 35th in the 2023 list of the wealthiest countries, with net financial assets per capita amounting to 16,410 euros. The Global Wealth Report, released by Allianz, highlights a notable increase in global financial assets of private households, which rose by 7.6%, offsetting a previous decline of 3.5%.

Moody’s upgrades Eurobank’s, National’s outlook

Credit ratings agency Moody's changed Eurobank's and National Bank's outlook for their Baa2 senior unsecured debt and long-term deposit ratings to positive from stable, "following the outlook change to positive from stable in the Government of Greece's Ba1 issuer rating."

Moody's is the only one among major credit ratings agencies that has not given Greece's debt an investment grade.

Is a Moody’s upgrade essential?

The Public Debt Management Agency (PDMA) has already drawn from markets €8.7 billion out of the planned €10 billion through bond issues. Thus, another issue is still a possibility, although several experts caution this is not necessary, and that the outstanding amount can be easily covered via the three planned reissuances.

Positive incentives

The "favorable arrangements" announced by governments always concern those who have not been consistent with their obligations toward the state and need a second chance. The state is doing well to grant it to them.

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