Following the bank problems that hit several Bulgarian banks last week, notably the Cooperative Commercial bank and First Investment bank, the European commission has approved a €1.67bn credit line to support the banking system.
The EC says that the measures follow a request from Sofia and will provide necessary and proportionate liquidity and that Bulgaria’s banking system is well capitalised and has high levels of liquidity compared to other EU countries
Depositors at banks have been hit with emails and text messages claiming that certain banks are in trouble causing bank runs over the last couple of weeks