Le Temps<\/a>, 30.06.2014<\/p>\nAuthorities in Bulgaria denounced a series of “organized attacks” against the banking sector. Two banks are on the edge. In a country in the midst of political crisis, led by a government expected to resign any moment now, some people succumb to panic<\/p>\n
Kilometer-long lines at bank branches, ATMs running out of cash, and rumors, each wilder than the other… Bulgarians had not seen such scenes since the 1997 financial crisis which toppled a dozen of banks and resulted in a record hyperinflation. And most importantly, they thought they never would since their country joined the European Union in 2007 and its currency, the lev, was pegged to the euro.<\/p>\n
“We are witnessing unprecedented attacks against the country’s banking system. The aim is to destabilize the State, “said on June 27, Ivan Iskrov, Governor of the Central Bank (the Bulgarian National Bank, BNB). In the aftermath, the BNB boss denounced an “epidemic of rumors” and called on politicians to avoid alarming statements. But while officials ensure that all measures are taken to avoid the 1997 scenario, nothing seems to be able to stop what looks more and more like a movement of collective panic.<\/p>\n
It all started a week ago, with BNB placing under supervision Corporate Commercial Bank (KTB). The fifth largest bank in Bulgaria, KTB, had the distinction of belonging to an oligarch with shady reputation, Tsvetan Vasilev, often presented as one of the occult financial experts, pulling the strings of Bulgarian politics. Carefully avoiding talk of “bankruptcy”, BNB nevertheless dismissed senior managers of KTB from their duties and suspended for a period of three months all operations of the Bank. The majority of Bulgarians see in this the outcome of a merciless war between the owner and his former partner, media mogul Delyan Peevski, who for nearly a year seems to dictate the political agenda of the country. It was the attempt to appoint this young man (32-year-old) in June 2013 as Head of Bulgarian \u201cespionage\u201d that caused a wave of protests against the current government, persisting until today.<\/p>\n
Fears of a plot <\/b><\/p>\n
After the fall of KTB, persistent rumors of the impending bankruptcy of another very important bank – Fibank (FIB) \u2013 spread like fire. Last Friday, customers withdrew in just one day the equivalent of 400 million euro. The crisis, now on everyone’s lips, caused an emergency meeting between the heads of the country’s security and the Chief Prosecutor. On Sunday, the country’s President, Rosen Plevneliev, convened leading politicians to define a “common strategy”.<\/p>\n
But who may be behind these attacks? In a country, often subscribed to conspiracy theories, many have been quick to see the “long hand of Moscow”. Economist Ivan Ganev, from the Center for Liberal Strategies, reminded that Sofia has just dealt a resounding blow to the Kremlin by declaring a freeze on the construction of the South Stream pipeline, a project so much wanted by Russia in order to circumvent Ukraine. “Putin, himself, has stated repeatedly: \u201cNo one says no to Russia without any consequences,” added former Bulgarian ambassador to Moscow, Iliyan Vasilev. He also recalled that the existent in Bulgaria “currency board” remains a “thorn” in the eyes of many. Synonym of “stability” for many economists and symbol of the pro-Western orientation of Sofia, the peg to the euro would be the real target of this malicious operation. An operation certainly facilitated by the chronic weakness of the current government and the imminence of an early election.<\/p>\n
Organized Crime <\/b><\/p>\n
To date, the two banks involved have also something else in common \u2013 they were both included in a US cable from November 12, 2006, released by WikiLeaks. In it, the US Ambassador in Sofia, John Beyrle, compiled a list of what he called the “bad apples” in a rather healthy banking sector in the country – i.e. half-dozen institutions related to organized crime or suspected of using dirty money launderers. “I mostly see in all this rivalries in the entrails of Bulgarian mafia. But this does not exclude Russian shenanigans,” said Atanas Tchobanov (from Bivol – editor\u2019s note), partner of Julian Assange in Bulgaria. \u201cBulgaria is a member of the EU. One euro equals and will always equal 1.95 lev, up until we join the euro zone,\u201d insisted President Rosen Plevneliev after the crisis meeting Sunday. As if he wanted to ward off bad omen.<\/p>\n","protected":false},"excerpt":{"rendered":"
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An issue even more pertinent if we take into account the\u2026","rel":"","context":"In \"Banks\"","block_context":{"text":"Banks","link":"https:\/\/bivol.bg\/tag\/banks"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24804,"url":"https:\/\/bivol.bg\/en\/bulgarian-bad-apples-banks-now-on-tv.html","url_meta":{"origin":19056,"position":1},"title":"Bulgarian \u201cBad Apples\u201d Banks Now on TV","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"29 November 2014","format":false,"excerpt":"On Friday, November 28, in its political talk show \u201cThis Morning\u201d, bTV aired a report by journalist Stoyan Georgiev on the drain of failed private lender Corporate Commercial Bank (KTB or CCB), extensively quoting a classified diplomatic cable of former US Ambassador in Sofia, John Beyrle, on Bulgarian \"bad apples\"\u2026","rel":"","context":"In "Editorials"","block_context":{"text":"Editorials","link":"https:\/\/bivol.bg\/en\/category\/editorials-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/btv-gnili-yabulki.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/btv-gnili-yabulki.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/btv-gnili-yabulki.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/btv-gnili-yabulki.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/btv-gnili-yabulki.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":19003,"url":"https:\/\/bivol.bg\/en\/bulgarian-central-bank-must-fine-the-prosecution-and-media-over-the-bad-apple-bank-ktb.html","url_meta":{"origin":19056,"position":2},"title":"BULGARIAN CENTRAL BANK MUST FINE THE PROSECUTION AND MEDIA OVER THE “BAD APPLE” BANK KTB","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"15 June 2014","format":false,"excerpt":"The Bulgarian National Bank (Central Bank - BNB) has grounds to initiate action because of media reports in recent days, targeting Corporate Commercial Bank (KTB) and its management, and to impose hefty fines on multiple media and the Prosecution under the Credit Institutions Act. This absurd case arose on Thursday\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/06\/Capture_2014-06-15_a_18.28.071.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/06\/Capture_2014-06-15_a_18.28.071.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/06\/Capture_2014-06-15_a_18.28.071.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":24540,"url":"https:\/\/bivol.bg\/en\/companies-associated-with-bulgarian-mafia-are-trying-to-get-hold-of-commercial-bank-cb-victoria.html","url_meta":{"origin":19056,"position":3},"title":"Companies Associated with Bulgarian Mafia Are Trying to Get Hold of Commercial Bank (CB) “Victoria”","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"9 November 2014","format":false,"excerpt":"AGAINST BIVOL In 2012, the Bulgarian Central Bank (Bulgarian National Bank, BNB) attacked Bivol after the site published information about Bulgarian banks practicing money laundering and lending to connected parties. Instead of controlling these processes, BNB let them develop to a near collapse of the banking system. At least two\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/gnili-yabulki.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/gnili-yabulki.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/gnili-yabulki.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/gnili-yabulki.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/11\/gnili-yabulki.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":19097,"url":"https:\/\/bivol.bg\/en\/niamadaplatim-english.html","url_meta":{"origin":19056,"position":4},"title":"#\u041d\u042f\u041c\u0410\u0414\u0410\u041f\u041b\u0410\u0422\u0418\u041c \u2013 HASHTAG #WEWILLNOTPAY","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"17 July 2014","format":false,"excerpt":"Consultations were held at the beginning of this week at the President with parliamentary represented parties and the executive power on financial matters in the country, on the backdrop of an atmosphere of informational chaos regarding Corporate Commercial Bank (KTB) and complete lack of trust in institutions. After the meeting,\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/bivol.bg\/en\/category\/analysis-en"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18936,"url":"https:\/\/bivol.bg\/en\/prokuratura-bnb-gunev-english.html","url_meta":{"origin":19056,"position":5},"title":"THE PROSECUTION IS HUNTING \u201cBAD APPLE\u201d BANK OVER DEFAULT LOANS","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"18 June 2014","format":false,"excerpt":"The leader of the Bulgarian Socialist Party (BSP) and of the Party of the European Socialists (PES) Sergei Stanishev is seen greeting Tsvetan Gunev for his election by the Parliament for Deputy Governor of the Central Bank (Bulgarian National Bank, BNB). The photo is by \u201cMonitor\u201d daily from the period\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"Capture_2014-06-18_a_12.33.47","src":"images\/stories\/Capture_2014-06-18_a_12.33.47.jpg","width":350,"height":200,"srcset":"images\/stories\/Capture_2014-06-18_a_12.33.47.jpg 1x, images\/stories\/Capture_2014-06-18_a_12.33.47.jpg 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/19056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=19056"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/19056\/revisions"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=19056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=19056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=19056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Capture_2014-06-30_a_20.45.55\"](\"images\/stories\/Capture_2014-06-30_a_20.45.55.jpg\")
<\/p>\n