Cash machines in Bulgaria issue euros for the first time after joining the currency union
AP News••world
Key Points:
- Bulgaria became the 21st member of the euro currency union, with citizens withdrawing euros for the first time as the lev is gradually replaced by the euro in cash transactions.
- The switch to the euro marks a significant step in Bulgaria's deeper integration into the EU, following its 2007 accession and transition from a Soviet-style economy to democracy and free markets.
- The currency change occurs amid political instability, including the recent resignation of Bulgaria's conservative-led government after anti-corruption protests, and public concerns about potential price increases.
- Inflation had to be reduced to 2.7% earlier this year to meet EU criteria, but the lack of a regular budget for next year complicates reforms and access to EU support funds, intens
