Latest news with #Kostadinov
Yahoo
6 days ago
- Business
- Yahoo
Bulgaria is being forced to adopt the euro, whether citizens like it or not
The boulevards of central Sofia were a sea of red, white and green Bulgarian flags at the weekend, as thousands joined a march through the capital. The target of their indignation: the euro. The protest took place just days before the European Central Bank (ECB) and European Commission announced that Bulgaria had passed all the economic tests to become the eurozone's 21st member. A confirmation vote of the bloc's finance ministers on July 8 will pave the way for Bulgaria, which joined the EU in 2007, to switch from the lev to the euro on New Year's Day next year. European officials portray this as a technical and administrative process that requires Bulgaria to adopt the euro after it signed up to the EU treaties. In Bulgaria, though, it is anything but simple. The population is divided over the bloc's common-currency project, fuelling an intense political standoff involving the president, parliament and courts. Accusations of disinformation and Russian meddling are also flying. Unlike the technocratic talk in Brussels, the rhetoric in Sofia is feverish. 'Bulgaria has risen and declared: Freedom! We choose the Bulgarian lev!' populist politician Kostadin Kostadinov reportedly told the weekend protest. There are disputes about the size of the anti-euro demonstration, but the polling is clear. The most recent Eurobarometer survey, issued last month, found only 43pc of Bulgarians in favour of the euro, with 50pc against. Local pollster Trend Research reported 21pc support for adopting the euro next year, with 33pc backing a later switch, and 38pc set against it. A majority of people also backed a referendum on the issue. Revival, Kostadinov's party and the third largest in Bulgaria's parliament, also pushed for a referendum. This was knocked back by the Constitutional Court, which effectively backed the Brussels view that adopting the euro is a requirement of EU membership. Ordinary Bulgarians' biggest worry is that introducing the euro will push up prices at a time when people can least afford it. In the Eurobarometer survey, 47pc of Bulgarians said the most important issue they faced was inflation and the cost of living. 'They're really scared because they've been bombarded with messaging that prices would double, that we're not ready, that this would lead to a lot of instability, that the banking system would collapse, that their savings would be wiped out,' says Emilia Zankina, a Bulgarian political scientist and dean of Temple University Rome. The same worries over inflation bedevilled Croatia before its adoption of the euro in 2023. Croatians worried that businesses would exploit the repricing of everything in euros and use the confusion to jack up prices. Research a year later by the Croatian central bank concluded that the changeover had pushed up prices by 0.4 percentage points. However, the bank also pointed to offsetting benefits such as lower interest rates and cheaper cross-border transaction costs. The ECB is in no doubt that Bulgaria is ready. Its report on Wednesday showed that Bulgarian government debt is just 24pc of GDP, its budget deficit is 3pc of GDP, its inflation rate is in line with the eurozone, and its currency has been pegged to the euro for years. Overall, there are still half a dozen holdouts against the euro. Denmark has a formal opt-out, and its voters knocked back the single currency in a referendum in 2000. Sweden also held a referendum three years later that kicked the issue into the long grass. Poland, Hungary and the Czech Republic are all stalling, mostly for political reasons, while Romania has not yet jumped through all the economic and regulatory hoops. This is frustrating for Brussels and the ECB, which are on a mission to elevate the euro's role in the global economy. Christine Lagarde, the ECB president, last week said Donald Trump's economic upheaval, which could shake markets' faith in the dollar, could be a 'moment of opportunity' for the eurozone. Paschal Donohoe, the Irish finance minister who chairs the eurozone ministerial group, also used a speech this week to talk up the single currency, calling it 'a powerful symbol of our shared sovereignty, that you can feel in your wallet, see in your purse'. He pointed to the Eurobarometer finding that across the bloc, the euro has a record 83pc support. 'Public support for our currency should give us confidence about how to develop it, and make the case for us,' he said. He urged euro supporters not to 'step back from the shouting voices' of their opponents. In Bulgaria, the opponents are certainly shouting. However, the government is hoping to ride it out, promising mechanisms to monitor price gouging, and building a myth-debunking website. Even if Bulgarians are wary of losing the lev, they are still largely pro-EU: the Eurobarometer suggests they trust Brussels more than their own parliament or government. The political scientist Zankina shares their scepticism. In a country that has had seven elections in the past four years, she reckons the politicians leading the charge against the euro are motivated less by genuine belief than by tactical opportunity. 'These populist parties manage to maintain the polarisation, even when the issue that they were polarised over no longer exists, or it's no longer polarising,' she says. 'If I had to put my money on something, I would say the euro will be adopted. Then we will probably just move on to another divisive issue.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Metro
30-05-2025
- Metro
Judge 'leaks woman's photos in Telegram group for sex workers'
A judge has been accused of leaking a woman's pictures into a Telegram forum for sex workers, triggering a wave of sexual abuse and threats. Anna Adamova, a lawyer and an academic, became the victim of a scandal that has shaken Bulgaria's judiciary to its core. What began when she was a witness in a court case about drunk driving eventually spiralled into a nightmare. Hundreds and hundreds of men started calling and texting the woman on her personal mobile, asking for sex services. Among the messages were even graphic nude pictures. Eventually, Adamova discovered her pictures and personal information on a Telegram group for prostitution with almost 5,000 members. One post about the victim read: 'I was told she like it in the back door.' She described it as 'around-the-clock' harassment, telling Bulgaria's Nova TV: 'It turned out that my photos and my phone number were posted in hidden, secret groups on Telegram for prostitutes. 'Hundreds of unknown men called me around the clock and messaged me naked photos and what not.' An investigation by the ministry of interior's cybercrime unit identified the person behind the doxing as Velizar Kostadinov – the judge on the drunk driving case in which Adamova was a witness. Adamova had already been the victim of several attacks by him – first, the judge is alleged to have sent an email to her employer, demanding that her role is reviewed and also accusing her of a 'lack of positive moral qualities.' Kostadinov then sent another letter, this time to the Bulgarian Institute of State and Law, demanding that her doctoral degree is reconsidered. This is when Adamova was forced to take action and she reported all the attacks to the TV station. It was after the initial TV report that Adamova's information was leaked on Telegram. The alleged sabotage stemmed from the drunk driving case Kostadinov ruled on. He acquitted Georgi Gyorev, the suspect who Adamova claimed to have seen driving drunk in the outskirts of the Bulgarian capital Sofia. The judge described Adamova's eyewitness account as 'biased' and sided with the defendant's wife and a friend of the accused, who was not even at the scene. More Trending Appalled by how the case was handled, Adamova made a complaint to the Bulgarian Supreme Judicial Council. This is the move that allegedly triggered the series of attempts to ruin her reputation and her career. Kostadinov so far denies being the author of the defamatory Telegram posts which authorities found were sent from his personal number. He claims that someone else did it using his phone as he does not have a PIN number. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Dog walker 'beaten to death by man living off-grid while being hunted by police' MORE: Russian captain of container ship that crashed into tanker denies manslaughter MORE: Paul Doyle 'on the verge of tears' in court as he's accused of driving into Liverpool fans
Hypebeast
29-05-2025
- Entertainment
- Hypebeast
Only 90 of You Will Get Kiko Kostadinov's New Japanese Denim Pieces
Kiko Kostadinov'snewPre-Fall 2025denim capsule — made in partnership with Konkord Jeans by 'one of the world's most advanced denim manufacturers' in Hiroshima, Japan — is going to be among the hardest drops to get your hands on come its release this Friday. There are only 90 units of the collection's two silhouettes: a light brown denim flight jacket with roomy pockets and a matching pair of carpenter jeans with all the tool loops, storage compartments, and sturdiness to suffice the stylish handyman. Both garments are treated with artisanal hand-dyeing techniques to achieve their 'Dune Wash' finish, falling right in line with Kostadinov's unpretentious yet intricate design language. To put things simply, it's the ideal catnip for the Belgian designer's ferocious cult. Kostadinov is already certain his consumer has an appetite for denim. On the brand's men's and women's runways last year, Kostadinov revealed the first pieces from a forthcomingcollaboration with Levi's, which eventually met the world in full last August. The collection reimagined the quintessential denim brand's classics — engineered jackets, structured coats, hybrid jerseys and straight-leg jeans — with asymmetrical cuts, ballooning sleeves, cinched waists, and form-fitting shapes. It was, unsurprisingly, a huge win; and it's overwhelmingly safe to say the designer's latest lineup will fly off the shelves even quicker. For those hoping to cop, here are the dates and times to know: Kostadinov's Konkord Denim capsule collection will be released exclusivelyonlineon Friday, May 30, at 10 a.m. GMT. Additional units will then be released in Kostadinov's Tokyo and Los Angeles stores on Saturday, May 31. If you miss out on this drop, hold the panic: Kostadinov has plans to release a second 'Phantom Wash' line (which you'll see mixed into the campaign) this summer. Until then, take a look at the lineup in the gallery above, and may the fastest online shoppers win.
Euronews
22-02-2025
- Politics
- Euronews
Bulgarian nationalists vandalise EU building in protest against plans to join eurozone
Police in Bulgaria's capital have clashed with nationalist protesters who are demanding the government scrap plans to bring the country into the eurozone. Around 1,000 protesters gathered in front of the Sofia office of the European Commission, the European Union's executive branch, and began throwing red paint and firecrackers at the building. A door was eventually set on fire. Firefighters were dispatched to the scene as well as police reinforcements, who pushed back the protesters. Police said that several demonstrators had been arrested, while some officers had been injured during the clashes. The protest, organised by the pro-Russia nationalists of the Vazrazhdane Party, began earlier on Saturday outside the headquarters of the Bulgarian National Bank. The protesters demanded that the government resign, while waving national and party flags and chanting "No to the euro" and "Yes to the Bulgarian lev," the country's currency. "I am here to defend Bulgaria and the Bulgarian people," Vazrazhdane leader Kostadin Kostadinov told journalists. He said that his party was demanding a referendum to decide on entry to the 20-member eurozone. "If there is no referendum, we will block the work of the National Assembly," said Kostadinov, whose party is the third largest in parliament. Bulgaria, which joined the EU in 2007, has been plagued by political instability over the last several years. The new government, formed last month, has made eurozone membership a key priority. But not everyone is convinced that Bulgaria is ready to join the eurozone. Some economists claim that the country lacks an acceptable degree of economic condition to join the eurozone and it's not yet ready to adopt the single currency. But the government, backed by other pro-European parties in parliament, stress the political importance of adoption as another step to deepen European integration amid growing geopolitical tensions. Trying to distract the country from this objective, pro-Russia nationalists are reportedly gearing up for more heated battles and have allegedly been using disinformation as a tool to spread fear among people.
Yahoo
22-02-2025
- Business
- Yahoo
1,000 Bulgarian nationalists protest against government plans to adopt euro currency
SOFIA, Bulgaria (AP) — Police in Bulgaria's capital clashed with nationalist protesters Saturday who demanded that the government scrap plans to bring the country into the eurozone. About 1,000 protesters gathered in front of the Sofia office of the European Commission, which is the European Union's executive branch, and began throwing red paint and firecrackers at the building. A door was eventually set ablaze. Firefighters were dispatched to the scene as well as police reinforcements, who pushed back the protesters. Police said that several demonstrators had been arrested, while some officers had been injured during the clashes. The protest, organized by the pro-Russia nationalists of the Vazrazhdane party, began earlier on Saturday outside the headquarters of the Bulgarian National Bank. The protesters demanded that the government resign, while waving national and party flags and chanting 'No to the euro' and 'Yes to the Bulgarian lev," the country's currency. 'I am here to defend Bulgaria and the Bulgarian people,' Vazrazhdane leader Kostadin Kostadinov told journalists. He said that his party was demanding a referendum to decide on entry to the 20-member eurozone. 'If there is no referendum, we will block the work of the National Assembly,' said Kostadinov, whose party is the third largest in parliament. Bulgaria, which joined the EU in 2007, has been plagued by political instability over the last several years. The new government, which was formed last month, has made eurozone membership a key priority. Not everyone, however, is convinced that Bulgaria is ready to join the eurozone. On the one hand, there are some economists who claim that the country lacks an acceptable degree of economic condition to join the eurozone, and it's not ready yet to adopt the single currency. But the government, backed by other pro-European parties in parliament, stresses also the political importance of adoption as another step to deepen European integration amid growing geopolitical tensions. Trying to distract the country from this objective, pro-Russia nationalists are gearing up for more heated battles using disinformation as an effective tool to spread fear among people. The Associated Press Sign in to access your portfolio
