Bulgaria plans to enter bond markets

Bulgaria is planning to issue €1 billion in sovereign debt next year – an amount equal to its projected 2011 budget deficit, according to a finance ministry draft paper obtained by WAZ.EUobserver. It is the first time that the EU newcomer will borrow money on the international market since 2002.

So far it has been relying on its fiscal reserves, which have been greatly depleted by the rising spending and falling revenue intake over the past couple of crisis years. The Black Sea country...