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Thursday, August 05, 2010

Bulgarian Govt Sacrifices Reserve Funds for Troubled Arms Deals

AS-532 CougarBulgaria’s government has allocated BGN 256 M from the country’s fiscal reserve in order to complete arms deals with foreign companies widely seen as problematic.

The money provided Wednesday to the Defense Ministry will be used to pay its dues under contracts with the Eurocopter Group, the Italian aerospace company Alenia Aeronautica, the German company Daimler-Chrysler, and the Belgian government signed by the former governments of Sergey Stanishev (2005-2009), and Simeon Saxe-Coburg (2001-2005).

The contract with Eurocopter was singed by former Defense Minister Nikolay Svinarov in January 2005. Under it, Bulgaria is supposed to receive 12 Cougar helicopters for its Air Force, and 6 Panther helicopters for its navy at the price of EUR 358 M.

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