EU Aid Suspensions Would Hit Borissov Support

Indications that EU aid payments to Bulgaria may once again be suspended have cast a shadow on the new GERB government's progress on eradicating corruption. While we view positively the government's tough stance on graft, we still caution that real reform will be challenging, with efforts so far focused on prosecuting previous government members, rather than working to disincentivise the practice. In the meantime, popular support for the prime minister (and the government) and relations with the EU will likely deteriorate should tangible results not prove forthcoming.

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