July 14, 2014 / 4:20 PM / 4 years ago

Bulgarian parties agree to join banking supervisory mechanism: president

SOFIA, July 14 (Reuters) - Bulgarian political parties agreed on Monday for the Balkan state to join the European Single Supervisory Mechanism and also for its central bank to submit itself to a peer review from the European Banking Authority, the country’s president said.

Rosen Plevneliev also said that the parties had agreed to allow the government to widen the fiscal deficit, possibly by up to 3 percent of gross domestic product against a planned target for 2014 of 1.8 percent.

The president was speaking after a meeting between Bulgaria’s main political parties about the rescue of Corporate Commercial Bank (Corpbank), which will be allowed to collapse following a run on deposits last month.

Reporting by Tsvetelia Tsolova; editing by Matthias Williams and Pravin Char

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