Business in Bulgaria

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EIU ViewsWire, Bulgaria Economy: Too Fast for Comfort, October 2, 2008. Joe Parkinson, EU Debt Crisis Imperils Bulgaria's Euro-Zone Bid, Wall Street Journal, January 12, 2010. 44 Tsvetelia Ilieva, Bulgaria end-Nov budget deficit down 8.7 pct m/m, Thomson Reuters, December 31, 2009. 45 Agnes, Lovasz, Bulgaria Faces Junk Grade on Foreign Debt, Bloomberg, March 5, 2010. 46 Sofia News Agency, EBRD: Eastern Europe Faces Possible Banking Crisis, September 15, 2009. 47 Sofia Echo, Bulgarian Central Bank Eases Bad Loan Regulations, February 26, 2009. 48 Sofia News Agency, Fitch Downgrades Bulgarian Banks UBB, Eurobank EFG, February 25, 2010. 49 Alex Bivol, Hamstrung by Recession, The Sofia Echo, January 8, 2010. 50 Sofia News Agency, Bulgarian Property Market Lacks Foreign Investors, December 19, 2009. 51 Dnevnik, Bulgarian economy fragile, soon off radar screens – expert, February 4, 2010, available at: http://news.dnevnik.bg 52 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 53 The Economist, Bulgaria’s Budget Blues, April 23, 2009. 54 IMF, Bulgaria – April 2009 Staff Visit: Concluding Statement of IMF Mission, April 22, 2009. 55 Alex Bivol, IMF Advice, Sofia Echo, September 25, 2009. 56 The Standart, Bulgaria Registers Lowest Budget Deficit in the EU, January 15, 2010, available at: http://paper.standartnews.com 57 Sofia News Agency, Bulgaria Confirms BGN 530 M 2009 Budget Deficit, February 1, 2010. 58 IHS Global Insight, Country Report: Bulgaria, February 21, 2010, available at: www.ihsglobalinsight.com 59 Economist Intelligence Unit, Country Report: Bulgaria, February 2010. 60 IHS Global Insight, Country Report: Bulgaria, February 21, 2010, available at: www.ihsglobalinsight.com 61 Economist Intelligence Unit, Country Report: Bulgaria, February 2010. 62 Sofia News Agency, IMF Projects Bulgaria Budget Deficit at 1.8% in 2010, March 1, 2010. 63 Joe Parkinson, EU Debt Crisis Imperils Bulgaria's Euro-Zone Bid, Wall Street Journal, January 12, 2010. 64 Sofia News Agency, Inflation, Bulgaria Government Puts Forward Anti-Crisis Measures, September 16, 2009. 65 Joe Parkinson, EU Debt Crisis Imperils Bulgaria's Euro-Zone Bid, Wall Street Journal, January 12, 2010. 66 Economist Intelligence Unit, Country Report: Bulgaria, February 2010. 67 Sofia News Agency, Bulgaria Govt Invests BGN 1 B to Fight Unemployment in 2010, September 29, 2009. 68 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 69 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 70 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 71 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 72 Alex Bivol, Hamstrung by Recession, Sofia Echo, January 8, 2010. 73 Sofia News Agency, Rightists Slam Bulgaria Govt over 'Racketeering' of Businesses, February 1, 2010. 74 Sofia News Agency, Bulgarian State Admits Delaying Millions in Payments to Businesses, March 4, 2010. 75 Sofia News Agency, Bulgaria Finance Minister Vows to Pay Delayed VAT by April, February 25, 2010. 76 Sofia News Agency, Bulgaria Regional Ministry Vows Debt Repayment by May, March 5, 2010. 77 The Economist, Eastern Europe’s Economies: What Went Right, March 18, 2010. 78 Alex Bivol, IMF Advice, Sofia Echo, September 25, 2009. 79 Sofia News Agency, Experts: Bulgaria Unlikely to Seek IMF Loan, December 21, 2009. 80 Sofia News Agency, Experts: Bulgaria Unlikely to Seek IMF Loan, December 21, 2009. 81 Sofia News Agency, Experts: Bulgaria Unlikely to Seek IMF Loan, December 21, 2009. 82 The Economist, Eastern Europe’s Economies: What Went Right, March 18, 2010. 83 IHS Global Insight, Country Report: Bulgaria, February 21, 2010, available at: www.ihsglobalinsight.com 84 Sofia News Agency, Bulgaria Gross External Debt Grows in December, February 24, 2010. 85 IHS Global Insight, Bulgaria's Current-Account Deficit Through to November Falls by Two-Thirds Y/Y, January 8, 2010, available at: www.ihsglobalinsight.com 86 IHS Global Insight, Bulgaria's Current-Account Deficit Through to November Falls by Two-Thirds Y/Y, January 8, 2010, available at: www.ihsglobalinsight.com 87 IHS Global Insight, Bulgaria's Current-Account Deficit Through to November Falls by Two-Thirds Y/Y, January 8, 2010, available at: www.ihsglobalinsight.com 88 Economist Intelligence Unit, Country Report: Bulgaria, February 2010. 43

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