ANALYSIS - Excessive Budget Deficit Poses Risk for Bulgaria's ERM II Entry Bid This Year

SOFIA (Bulgaria), April 26 (SeeNews) - The excessive budget deficit Bulgaria reported for 2009 would most probably hinder the country's intentions to apply for entering the European Union's exchange-rate mechanism (ERM II) by the end of the year, analysts said. Earlier this month, the government in Sofia said that Bulgaria's budget deficit last year reached 3.7% of gross domestic product (GDP) due to "hidden" procurement deals signed by the previous cabinet, exceeding the gap of 1.9% of GDP reported earlier.