Date: 17.12.2014

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In a letter to the President, the Bulgarian Industrial Association (BIA) asks the head of the state to veto the latest amendments to the Social Security Code. The changes, BIA argues, have been made without any consultations with leading economists and the general public, and pose serious threats to the overall social insurance system in Bulgaria. BIA warns the current pension system reforms will be detrimental to the local insurance, banking and capital markets in both short- and long-term perspective. According to the Association, what happened to Corporate Commercial Bank may be replicated in attacks against asset management companies and their servicing banks. The local capital market will be undermined, injuring the overall credit rating of the country