Bro, hold up, let me tell you what I just found out from a guy I know at Finance. You won't believe the scam! Bulgaria, the neighbor country that beat us to the euro, is about to get slapped with an EU sanction exactly six months after joining the eurozone. For real, bro! No joke. On June 3, the European Commission officially launches an excessive deficit procedure against Sofia. What do you say, crazy, right?
Now, let me break it down for you. The Sofia government, led by Rumen Radev, announced Friday that the EU is opening the chapter. And why? Well, last year in 2025, they had a deficit of 3.5% of GDP – meaning they spent more than they collected. And this year, 2026, the forecast is it'll jump to 4.1%, and next year to 4.3%. The maximum threshold set by the EU is 3%. So, bro, they've blown way past it. And then Brussels hits the brakes: they put them under public finance surveillance and force them to correct it within a set timeframe.
But here's the saddest part: Bulgaria is the first country to join the eurozone and, within less than six months, already gets fiscal sanctions. The last excessive deficit procedure for them closed in 2012, so this is a first. And on top of that, it comes with negative perception from investors, higher borrowing costs, and internal political tensions. What can I say, is this how you enter the big league? I'm not buying this story.
Radev, who was president until April and is now prime minister, came to power on a pro-Russian platform and harshly criticizes the EU and US. Last week he met with Ursula von der Leyen in Brussels, his first visit after the elections. And what do you think? Now he accuses previous governments (eight in five years, man!) of manipulating economic data. "Now comes the time for difficult questions, and the European Commission will ask why some lied," he said. Oh my, it's like a Caragiale play: they're throwing mud at each other, and we Romanians watch and marvel.
What's even more messed up: a few days before the sanction, Brussels unlocked 370 million euros from frozen funds for Bulgaria, but is holding back another 3 billion until judicial and anti-corruption reforms are completed. So, while some steal, others pay. Exactly like at home, bro: Mioara counts the Lidl receipt, and they argue over billions.
Now, what's next? The excessive deficit procedure forces Bulgaria to reduce its deficit below 3% within a set timeframe and comes with strict monitoring. If they don't comply, they risk fines or even suspension of funds. And, as the Financial Times says, this will intensify tensions with Radev, who's already embroiled in disputes with the EU. What can I say, it's like a movie script: you join the exclusive club, but after six months you get a scolding. Don't worry, bro, we have our own problems, but at least we haven't entered the euro yet to be made fools of like this.
Who pays for this whole story? The people, as always. While these guys play politics, food prices in Bulgaria are rising, inflation is the highest in the eurozone, and people feel it in their pockets. It reminds me of when I tried to get into a business with a "friend" – I ended up with a swollen lip and 200 lei poorer. Now, I'm going to explain to Mioara why I have no money for gas – she keeps saying I was at the betting shop, not at the news desk.
