Prime minister Boyko Borisov says the intention now is to apply in January 2011.
Borisov’s Citizens for the European Development of Bulgaria party took power in July last year on a platform of fiscal responsibility and the tackling corruption. However, the discovery of accounting irregularities under the previous regime increased its 2009 budget deficit from the previously announced figure of 1.9% to 3.7% of GDP. The Maastricht criterion for new members is that the ratio is no more than 3% (whatever existing members managed to get a way with).
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