Bulgaria will be punished next week for breaching budget rules just months after joining the Eurozone, in a move that will put the government of Prime Minister Rumen Radev on a collision course with Brussels.
The European Commission, according to officials, will place Sofia under a so-called excessive deficit procedure because its annual deficit widened to 3.5 per cent last year, breaching the euro area’s 3 per cent threshold.
The step, which comes with market stigma and potentially higher borrowing costs, is expected to raise tensions with Radev, who has previously served as president and become increasingly critical of the EU and the US since he was swept to power in April on a pro-Russian platform.
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