Bulgaria close to joining euro currency but faces disinformation and fear

Red paint from pro-Russian protests remain visible on the European Parliament and European Commission building in Sofia, Bulgaria on June 2. (AP)

SOFIA, Bulgaria, June 3, (AP): Bulgaria is close to realizing its decades-old goal of joining the euro currency union and deepening ties with the more prosperous countries of Western Europe. But the government faces a populist backlash against the shared currency on the eve of a key decision by European Union authorities.

Fears of inflation, poverty and the unknown are mingling with disinformation spread on social media that aims to turn people against the euro. The discontent tracks with increased support for populist and anti-EU parties across Europe, which is exploited by nationalist and pro-Russian politicians in a country that remains one of Europe’s poorest and most afflicted with corruption.

“Adopting the euro will make us feel the threshold of poverty. After all, prices will be in euros,” said 78-year-old retiree Tanya Ignatova. “Bulgaria is not ready for the euro. Someday we may be ready, but not now,” said another retiree, Mario Georgiev. Several thousand people rallied against the euro in the capital on Saturday, urging a referendum on whether to transition from the lev currency to the euro.

The head of the pro-Russian Varazhdane party, Kostadin Kostadinov, told the crowd that “Bulgaria has risen and declared: Freedom, we choose the Bulgarian lev!” Others in Bulgaria say the country already benefits from EU membership and it does not matter what the currency is. “We have inflation now and we will have it in the future,” said 26-year-old Konstantin Bozhinov.

Aiming at deepening European integration amid growing geopolitical tensions, the government is pressing ahead. It has asked for a review of whether it meets the requirements of low inflation, sound government finances and legal conformity to EU institutions. On Wednesday, the European Commission will announce the results. If the commission gives a green light, other member states will decide on Bulgaria’s candidacy in the coming weeks.