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ISSUES....
Inside, confidential and off the record
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We’d like to bring to everyone’s attention one of the better, young, political
leaders on the scene these days: Mr. Simeon Djankov, the Finance Minister of the relatively new government in Bulgaria. The newly elected Prime Minister, Mr.
Boyko Borisov, appointed Dr. Djankov… formerly of the World Bank and a Ph.D. in Economics from The University of Michigan… to overturn the corrupt economy that had been developing there in eastern Europe. Dr. Djankov has wasted little time in turning the entire economy end-over-end, slashing government spending by 15%; freezing government wages and pensions and putting an end to what appeared to us to have been massive “pork-barrel” projects promoted by the previous administration. In the process, Dr. Djankov has cut Bulgaria’s projected
budget deficit from $410 million only six months ago to $77 million presently.
Having cut spending, we are told that Dr. Djankov is preparing to announce tax cuts in order to spur economic growth. As a result, support for the Borisov
government has skyrocketed to the point where 64% of the public now supports what the Borisov/Djankov partnership is promoting. As Dr. Djankov said recently, it is his intention to run a balance budget sooner rather than later, and he still sees the “need to do significant work in terms of cutting expenditures, I am fairly confident we will have a balanced budget this year.”
Here’s to Dr. Djankov then!
- Dennis Gartman/ The Gartman Letter 10/ 27 / 09
- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone - Fax: or email : dennis@thegartmanletter
ISSUES.... 10/27/09
ISSUES.... Inside, confidential and off the recordIs an independent journalist effort from Petroleumworld, on Inside, Confidential and Off The Record Information, its views are not necessarily those of Petroleumworld - Send Us Your Issues
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