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Bulgarian industrialists warn of serious downturn

Date: 27.01.2009

The Chairman of the Bulgarian Industrial Association (BIA), Bozhidar Danev, has delivered a serious warning message, suggesting that the Bulgarian economy faces a bleak year ahead.

Danev is concerned about the private sector, stating that "inter-firm and bank debt is an increasing problem."

"We expect many small and medium size companies to go bankrupt. The government has to take more preventative measures, if we want Bulgaria to recover and develop in the next few years" continued Danev.

BIA figures show that Bulgarian firms collected BGN 116 M of debt during 2007, which is a 43% increase from 2006. This figure is expected to rise again when the 2008 data is released.

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