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External debt of European Union member countries: The case of Bulgaria

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External debt of European Union member countries: The case of Bulgaria
Bocconi University
Milan, Italy

2011

The external debt in the
European Union Member
States. The Bulgarian case.
Final Paper

1

..................................................................................................................... 3
.............................................................................................................. 4
...................................................... 6
.......................................................................................... 6
................................................................. 7
2.1

General Government ........................................................................................................... 7

2.2

Monetary Authorities .......................................................................................................... 8

2.3

Banks ................................................................................................................................... 8

2.4

Other Sectors ....................................................................................................................... 8

2.5

Direct investment: Intercompany lending .......................................................................... 8

................................................... 9
............................................................................................ 9
1.1

Explanation .......................................................................................................................... 9

1.2

PIGS’ case........................................................................................................................... 10

1.3

The bailout......................................................................................................................... 16

1.4

A solution to the PIGS’ debt crisis
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