Първата дългова криза на България в периода на социализма (1956–1966)
Bulgaria’s First Debt Crisis in the Period of Socialism (1956–1966)

Summary/Abstract: Bulgaria’s trade and financial contacts with West European countries became more active in the second half of the 1950s. In its desire to ensure a high-quality technological base for the industry that was in the process of development and to fulfil its economic tasks more easily, the Bulgarian government engaged in active imports from the developed countries. In return, however, the Bulgarian economy was incapable of offering exports to a sufficient degree. As a result of the considerable deficit in the balance of payment in the beginning of the 1960s the Bulgarian state amassed a foreign debt in convertible currency that was quite large for its financial means. A purely political solution was sought after the efforts to resolve the problem by means of improving the structure of foreign trade failed to give results and it became clear that socialist production at that stage could not compete successfully on the international markets. Part of the debt in convertible currency was transformed and transferred to clearing trade with the Soviet Union, while another part was covered by exporting the gold reserve of the Bulgarian National Bank.

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