Bulgaria from enterprise indiscipline to financial crisis
The first part of the paper highlights the many and often perverse forms taken by the adjustment of State Owned Enterprises in Bulgaria since 1992. The differentiation into four clusters of unevenly performing State firms shows inter alia two important aspects in this process. First, a large number of heavily loss-making public enterprises has been allowed to survive since the beginning of transition at the expense of the rest of the economy, first of all the banks whose insolvency they contributed to while absorbing a large part of newly extended credits...
economic reform; finance; international integration; crisis; bankruptcy
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