ON THE POSITIVE side, the sale of DSK Bank to Hungarian bank OTP for e311 million means that the entire Bulgarian banking sector is in private hands and more than 80% of shares are owned by foreign investors. The government has also said it is committed to breaking up and selling off its electricity distribution sector in seven companies by the end of the year.

Indian privatisation got the thumbs-up from the capital markets when investors bid over 10 times the number of government shares offered for sale in Maruti, India's biggest car-maker now controlled by Suzuki Motors.