BULGARIA WARNED BY EUROPEAN COMMISSION OVER STEEL SUBSIDIES
April 1st, 2010
BY KEITH NUTHALL
THE EUROPEAN Commission is keeping the pressure on the Bulgarian government to recover Euro 511,000 (Bulgarian Lev BGN 432.6 million) subsidies paid in 2007 to now bankrupt steel-maker Kremikovtzi. In a detailed report, the Commission stressed the handout had been authorised under European Union (EU) state aid rules as an exceptional payment, designed to help Kremikovtzi restructure and become viable. Bulgaria joined the EU in January 2007. But the assistance did not work: Kremikovtzi slid deeper into trouble and bankruptcy proceedings were ...
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