Българският външен дълг в периода на голямата икономическа криза (1929–1934)
The Bulgarian Foreign Debt during the Great Depression (1929–1934)

Summary/Abstract: The years when the Popular Bloc was in power coincided with the most acute manifestations of the world economic crisis and this fact determined the important place accorded in foreign policy to the problem of reducing the state foreign debt. Already at the beginning of the rule by the Bloc an abolition of the payment of reparations was achieved but together with that positive decision a new injustice for Bulgaria arose, connected with the discontinuation of the servicing of the Greek debt under the “Mollov-Kafandaris” agreement to the Bulgarian refugees. Besides that, the end of the reparations did not lead to overcoming the difficulties faced by the Bulgarian balance of payments. As from 1932, therefore, the Cabinet periodically signed agreements with the committees of the holders for reducing the annuities of the pre- and post-war loans. In this respect Bulgaria’s foreign policy found support in the Financial Committee with whose recommendations and opinions before the international financial circles a reduction was obtained in the instalments under the foreign debt by two-thirds. The unfavourable aspect of these agreements was that they were temporary, with a short period of effect, they were always linked to the condition at the moment of the state finances and did not permit the establishment of more lasting prospects for financial and economic recovery.

• Details
• Contents