Thousands protest plan to adopt euro in Bulgaria, demand referendum

Sofia: Thousands of Bulgarians have participated in a mass rally to protest the government’s plan to adopt the euro currency and demanded a referendum on the matter.

Protesters from nationalist and pro-Russian parties known for their opposition to the euro gathered in downtown Sofia on Saturday.

They declared that they intended to set up a tent camp on a central square in Sofia, naming the encampment the “Town of the Lev,” after the name of the national currency.

On a platform for speakers hung a huge banner that read “The battle for the Bulgarian Lev is the last battle for Bulgaria.”

The leader of the pro-Russian Vazrazhdane party, Kostadin Kostadinov, told the protesters that the country will be stripped of its currency.

“Someone else will decide how we spend our money, the Bulgarian budget will be approved by the European Central Bank,” he said. “This is an anti-state coup, this is treason.”

Vazrazhdane aims to topple the current pro-EU government over its corruption and failure to address Bulgaria’s ailing economy effectively.

The party has submitted a motion for a vote of no confidence in parliament.

It accuses the government of pushing for the forceful adoption of the euro currency while failing to take measures and necessary steps to reduce poverty and restore stability to public finances. Parliament will vote on the motion next week.

Thousands of Bulgarians pour into the streets against the US-led NATO military alliance in the capital Sofia on Sunday, calling on their government to adopt a neutral position on Russia’s military operation in Ukraine.

Bulgaria is on track to become the 21st member of the eurozone by the end of the year. The country’s accession to the eurozone will take place on Jan. 1, 2026.

The eastern European country joined the European Union in 2007. During the 20-year interim period, the eastern European country has been plagued by political instability and corruption.

The instability and corruption in the country has fueled Euroscepticism among the nation’s 6.4 million population.

According to economists, Bulgaria’s accession to the eurozone will not have a sudden impact on its economy, and changes to the economic situation will not be seen in the short run.

Economists believe that to boost the economy, the government must find ways to increase investments, particularly in infrastructure and the digital economy, improve governance through efficiency, and eradicate corruption at all levels.