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).
Bulgaria also failed to meet the inflation criterion and is further encumbered by the spillover from Greece’s difficulties: Greek banks have nearly 30% of Bulgaria’s domestic banking market.